MARC has affirmed its rating of AAA(fg) on special purpose vehicle Segi Astana Sdn Bhd's (Segi Astana) RM470.0 million Medium-Term Notes (MTN) programme with a stable outlook. The rating reflects the credit strength of the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad which carries MARC’s financial strength rating of AAA/Stable.Segi Astana’s sole deve...

MARC has affirmed A+, A and BBB+ ratings on RCE Advance Sdn Bhd’s (RCEA) outstanding Class A, Class B and Class C notes of RM45 million, RM35 million and RM60 million respectively under its RM420 million Fixed Rate Medium-Term Notes (MTN) Programme. The outlook on the ratings is revised to negative from stable. RCEA acquired six collateral pools consisting of identified eligible receivables...

MARC has assigned a final rating of AIS to DRB-HICOM Berhad’s (DRB-HICOM) Perpetual Sukuk Musharakah Programme (Perpetual Sukuk) of up to RM2.0 billion. Concurrently, the rating agency has affirmed its AA-IS rating on DRB-HICOM’s existing Islamic Medium-Term Notes (IMTN) Programme of up to RM1.8 billion. Both ratings carry a stable outlook.  The two-notch rating differential between the ...

MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic or the bank) financial institution (FI) ratings at AAA / MARC-1/Stable and concurrently affirmed its rating on CIMB Islamic’s RM2.0 billion Tier 2 Junior Sukuk (Junior Sukuk) programme at AA+IS /Stable. The one-notch rating differential between the long-term FI rating of CIMB Islamic and the Junior Sukuk programmes reflects the subord...

MARC has affirmed its AAAID rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The affirmed rating incorporates the continued support extended by parent Putrajaya Holdings Sdn Bhd (PJH) and ultimate holding company Petroliam Nasional Berhad (PETRONAS) to GDC Putrajaya to meet its finan...

MARC has affirmed the ratings of AA-IS and AIS on funding vehicle Alpha Circle Sdn Bhd’s (Alpha Circle) RM540 million Senior Sukuk Musharakah (Senior Sukuk) and RM55 million Junior Sukuk Musharakah (Junior Sukuk) respectively under a Sukuk Musharakah programme. The ratings carry a stable outlook. The two-notch rating differential between the Senior Sukuk and the Junior Sukuk reflects the la...

MARC  has  affirmed  the long-term  and  short-term  financial  institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF Investment). The outlook on the ratings is stable. The affirmed ratings reflect KAF Investment’s strong capital adequacy position and healthy liquidity levels, underpinned by a conservative investment strategy. The ratings ar...

MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.38 billion Sukuk Murabahah. The outlook on the rating is stable. MPower undertakes the operations and maintenance (O&M) of several independent power producers (IPP) of its parent, Malakoff Corporation Berhad (Malakoff), an investment holding company with 7,249.4 megawatts (MW) of gross power generating capacity in Ma...

MARC has affirmed its long-term Conventional and Islamic debt ratings of AAA /AAAID and its short-term Islamic debt rating of MARC-1ID on corporate debt issuances by Cagamas with a stable outlook. A full list of these issuances is provided at the end of this rating rationale. The ratings incorporate Cagamas’ strong capitalisation, healthy earnings track record, stable funding and liquidity ...

MARC has assigned ratings of MARC-1IS and AA-IS to port operator Northport (Malaysia) Bhd’s (NMB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme respectively (collectively known as Sukuk Musharakah Programmes) with a joint limit of up to RM1.5 billion. The outlook on the ratings is stable. The ratings incorporate NMB’s strategic importance as o...