Summary           Malaysia’s external sector ended 2Q2023 on a weaker note, reinforcing our views of slower gross domestic product (GDP) growth data for the quarter. On the bond market, the yield spread between MGS and UST narrowed significantly and subsequently turned negative in July amid aggressive US rate tightening.While positive foreign flows into th...

Rating action          MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. There is no outstanding amount under the programme to date. RationaleThe rating affirmation continues to incorporate MHB’s conservative balance sheet, solid liquidity ...

Rating action     MARC Ratings has assigned final ratings of MARC-1IS/AAAIS to PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined limit of up to RM10.0 billion in nominal value. The ratings outlook is stable.     Rationale     PDB’s well-established domestic track...

Summary           Global economic growth is expected to slow in 2H2023, as tightening monetary policy raises the risk of an adverse policy mistake. While normalising supply chains could support the recovery, maintaining economic momentum after the post-pandemic surge will be challenging.Asian economies are likely to experience a slowdown alongside the global economy, ...

Rating action         MARC Ratings has affirmed its AA-, AA-IS  and AIS  ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme, RM1.5 billion Sukuk Murabahah Programme and RM1.0 billion Perpetual Sukuk Musharakah Programme. Concurrently, the rating agency has revised the outlook on all the ratings to negative from stable.RationaleThe ...

Rating action     MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM). The ratings outlook is stable.     Rationale     The long-term FI rating of AA+ is notched down from the FI rating of its parent CCB of AAA, which MARC Ratings has based on publicly av...

Rating action          MARC Ratings has affirmed its long-term and short-term financing institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad’s (KFH Malaysia) with a stable outlook.RationaleThe long-term FI rating of KFH Malaysia is notched down from the rating of its parent Kuwait Finance House KSC (KFH) of AAA/Stable based on public info...

Rating action         MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM245.0 million with a stable outlook. Leader Energy is the investment holding company of two solar power project companies, Leader Solar Energy Sdn Bhd (LSE I) and Leader Solar Energy II Sd...

Rating action      MARC Ratings has affirmed its MARC-1/AA- ratings on Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes. Concurrently, it has also affirmed its ratings of MARC-1IS(cg)/AA-IS(cg) on Sunway’s wholly-owned subsidiary Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM10.0 billion Islamic Commercial Papers/Islamic Medium...

Rating action     MARC Ratings has affirmed its AA+IS rating on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) and its AA-IS rating on the RM2.0 billion Perpetual Sukuk Programme. The two-notch rating differential between the two programmes is in line with MARC Ratings’ methodology on notching principles of subordinated an...