MARC has affirmed the ratings of Inverfin Sdn Bhd’s (Inverfin) RM200 million Medium Term Notes (MTN) Programme comprising RM185 million of Tranche A and RM15 million of Tranche B notes at AAA and AA respectively. The lower rating on the Tranche B notes reflects its lower priority of payment and security position relative to the Tranche A notes. The outlook on the ratings is stable. There are...

MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating 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 majority ownership by the government via the central ban...

MARC has affirmed the long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee and Investment Facility (CGIF or Facility) with a stable outlook. The affirmed ratings reflect CGIF’s strong capital position and claims paying resources relative to its risk exposure, its sound leverage policy and traction gained in the ASEAN local currency and regional bond markets ...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is a funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT), an equal joint venture between national oil companies of Malaysia and Thailand, namely Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (PTT) respectively. The sukuk was issued to fu...

MARC has affirmed its long-term and short-term financial institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF Investment). The affirmed ratings reflect KAF Investment’s strong capital adequacy position, prudent risk management, and comfortable levels of liquidity. The ratings are moderated by the investment bank’s earning and funding profile. The outlook on the rat...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AAA and Islamic debt rating of AAAID for the outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The outlook on the ratings is stable. The ratings continue to incorporate an uplift from TNB’s standalone credit strength to reflect the high likelihood of government support premised on the company’s critical ...

MARC has affirmed its ratings of MARC-1IS/AA-IS on property developer UEM Sunrise Berhad’s (UEM Sunrise) Islamic Commercial Paper (ICP) Programme and Islamic Medium Term Notes (IMTN) Programme with a combined nominal value of RM2.0 billion and a sub-limit of RM500.0 million on the ICP Programme. The outlook for the ratings is stable. The ratings on UEM Sunrise incorporate a one-notch uplift ...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk issued under its 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 concession holder of the 11.5-kilometre Cheras-Kajang Highway. Cerah Sama also acts as the investment vehicle of its major shareh...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS Berhad holds a portfolio of tolled expressways, of which the North-South Expressway (NSE) is its largest revenue source.The affirmed rating continues to incorporate a two-notch rating uplift from PLUS Berhad’s standalone rating...

MARC has affirmed its rating of AA-ID on Sunrise Berhad’s (Sunrise) RM400 million Islamic Medium Term Notes (IMTN) Programme with a stable outlook. Sunrise’s rating is equalised to that of its parent, UEM Sunrise Berhad (UEM Sunrise), as MARC views Sunrise as a core subsidiary of UEM Sunrise on the basis of the high degree of operational integration between them, the strong strategic f...