MARC has affirmed its ratings on MRCB Sentral Properties Sdn Bhd’s (MRCB Sentral) RM400 million Commercial Papers/Medium-Term Notes (CP/MTN) Programme at MARC-1(fg)/AAA(fg) with a stable outlook. The affirmed ratings and outlook are based on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which carries MARC’s financial strength ra...

MARC has affirmed its AAA financial institution rating on Bank Pembangunan Malaysia Berhad (Bank Pembangunan) and MARC-1ID / MARC-1 programme ratings on the bank’s Islamic and/or Conventional Commercial Papers (CP) Programme of up to RM2.0 billion with a stable outlook.  The ratings reflect the support from the Government of Malaysia to Bank Pembangunan stemming from the bank’s st...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) with a stable outlook. The affirmed rating incorporates a two-notch support uplift from KEV’s standalone credit profile to reflect MARC’s expectation of a very high probability of parental support from Tenaga Nasional Berhad (TNB) (rated AAA/Stable). The rating agency’s assessment...

MARC has affirmed its rating of AA-IS on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. The affirmed rating essentially reflects the reliance on the future cash flows from the operations and maintenance (O&M) services for the 2,100-megawatt (MW) coal-fired power plant owned by related entity Tanjung Bin Power S...

MARC has affirmed its AAA/MARC-1 financial institution (FI) ratings on Maybank Islamic Berhad (Maybank Islamic) and AA+IS rating on Maybank Islamic’s RM1.0 billion Islamic Subordinated Sukuk (Subordinated Sukuk). The rating outlook is stable. The Subordinated Sukuk qualifies as Tier-2 capital and is rated one notch lower than the bank’s FI rating in accordance with MARC’s notchin...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2007-2) of RM2,410.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,520.0 million. The rating on the residential mortgage-backed bonds continues to be supported by the strong credit enhancement of 143.7% based on the outstanding principal of...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2005-2) of RM2,060.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,315.0 million issued under CMBS 2005-2. The rating essentially reflects the strong credit enhancement of 169.4% based on outstanding principal of non-defaulted mortgages of ...

MARC has assigned a foreign currency sovereign rating of ‘AAA’ with a stable outlook to South Korea based on the rating agency’s national rating scale. The government of South Korea (GoK) has no debt rated by MARC; the country ceiling applies to ringgit-denominated issuances by entities domiciled in South Korea to reflect the transfer and convertibility (T&C) risk in ringgit-...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah Programme of up to RM2.0 billion with a stable outlook. The rating reflects Westports’ strong competitive position in transhipment services in the region, its strong operational track record and cash flow generation. The rating is, however, moderated by the group’s container throughput...

MARC has affirmed the rating of Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) at AAAIS with a stable outlook. The rating action affects RM1,525.0 million of outstanding sukuk. The affirmed rating reflects CMBS 2007-1-i’s strong credit enhancement level of 133.8% based on an account balance of RM312.5 million and outstanding ...