MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk issued under the RM750.0 million Sukuk Musharakah Programme with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concessionaire of the 11.5-kilometre Cheras-Kajang Highway. Cerah Sama is also an investment vehicle for potential brownfield to...

MARC has affirmed its AAA financial institution rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating on the government-related entity incorporates systemic support uplift from the institution’s standalone credit strength based on CGC’s public policy role to facilitate access to financing for small and medium enterprises (SME) and its ...

MARC has affirmed its insurer financial strength rating of AA- on the Malaysian national rating scale on life insurer Atlanticlux Lebensversicherung S.A. (ATL). The outlook on the rating is stable. The affirmed rating is underpinned by ATL’s focus on underwriting relatively low-risk unit-linked life policies and maintaining a low retention of mortality risk. The rating is moderated by ATL&...

MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western Energy) Islamic Sukuk (sukuk) of up to RM4.0 billion with a stable outlook. TNB Western Energy is a wholly-owned funding vehicle of TNB Manjung Five Sdn Bhd (TNB Manjung Five), which is in turn a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five was incorporated to undertake the constructi...

MARC has downgraded the long-term ratings of Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Medium-Term Notes Programmes to AA(cg) and AAID(cg) from AA+(cg) and AA+ID(cg) respectively. The short-term ratings on the Conventional and Islamic Commercial Papers under the same programmes have been maintained at MARC-1(cg) and MARC-1ID(cg) respectively. ...

MARC has affirmed its ratings of AAAID(bg) on Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Bank-Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million with a stable outlook. The affirmed rating on the IMTN Programme reflects the credit quality of the unconditional and irrevocable guarantee provided by Public Bank Berhad (PBB) on which MARC has a public informati...

MARC has affirmed its long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee and Investment Facility (CGIF) with a stable outlook. The ratings are based on Malaysia’s national rating scale. The ratings reflect CGIF’s strong capital position and claims-paying resources relative to its risk exposure, underpinned by its sound leverage policy and governance...

MARC has affirmed its rating of A+IS on Alam Maritim Resources Berhad's (Alam Maritim, or the group) RM500 million Sukuk Ijarah Medium-Term Notes (Sukuk). The outlook on the sukuk rating is revised to negative from stable. The rating action affects RM230 million of outstanding notes issued under the rated programme. The negative outlook reflects a decline in revenue and consolidated earnings duri...

MARC has affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 on The Bank of East Asia, Limited (BEA). The outlook on the ratings is stable. The affirmed ratings reflect the bank’s capacity to meet its financial obligations on the Malaysian national rating scale. Hong Kong-based BEA has a well-established banking franchise, characterised by sound asset quality a...

MARC has affirmed the following ratings on Tradewinds Plantation Capital Sdn Bhd’s (Tradewinds Plantation Capital) Islamic debt issuances of up to RM400 million:  AAAIS and AA+IS ratings on RM60.0 million Class A and RM30.0 million Class B asset-backed Sukuk Ijarah respectively; MARC-1ID(bg)/AAAID(bg) ratings on RM100.0 million Bank Guaranteed Murabahah Commercial Paper/Medium Term Notes (...