MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic or the bank) financial institution (FI) ratings at AAA/MARC-1 and concurrently affirmed its rating on CIMB Islamic’s RM2.0 billion Tier 2 Junior Sukuk Programme (Junior Sukuk) at AA+IS. The outlook on the ratings is stable. CIMB Islamic’s Junior Sukuk is rated one notch lower than its long-term financial institution ratin...

MARC has lowered its ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional Commercial Papers/Medium Term Notes (CP/MTN) Facility and Islamic Commercial Papers/Medium Term Notes (ICP/IMTN) Facility to MARC-1(cg) /AA+(cg) and MARC-1ID(cg) /AA+ID(cg) from MARC-1(cg) /AAA(cg) and MARC-1ID(cg) /AAAID(cg) respectively. The outlook for the ratings is revised to st...

MARC has affirmed its rating of AA-IS on DRB-HICOM Berhad’s (DRB-HICOM) RM1.8 billion Islamic Medium Term Notes (IMTN) programme. Concurrently the rating outlook is revised to stable from negative. The outlook revision reflects MARC’s view that the negative pressure on DRB-HICOM’s credit metrics has eased as proceeds from a series of asset sales have been utilised to reduce group...

MARC has affirmed its AAAIS and AA+IS ratings on Tradewinds Plantation Capital Sdn Bhd’s (Tradewinds Plantation Capital) asset-backed RM180.0 million Class A and RM30.0 million Class B Sukuk Ijarah (collectively the Sukuk) respectively with a stable outlook. Tradewinds Plantation Capital is a special purpose vehicle of Tradewinds Plantation Berhad (Tradewinds) incorporated to act as the fund...

 MARC has affirmed its AAAID rating on Kwantas SPV Sdn Bhd’s (Kwantas SPV) outstanding RM20.0 million Class A asset-backed Sukuk Ijarah and MARC-2ID(cg) /A-ID(cg) rating on Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme of up to RM65.0 million. The outlook for the ratings is stable. The rating of the Murabahah CP/MTN Programme is equalised with Kwantas Corporation Berh...

MARC has affirmed its ratings of AAAID(bg) and MARC-1ID(s) on property developer Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Bank Guaranteed Medium Term Notes (IMTN) Programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million respectively. The ratings carry a stable outlook. The affirmed rating on the IMTN Programme is based on the unc...

MARC has assigned a rating of AAAIS to TNB Western Energy Berhad’s (TNB Western Energy) issuance of 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 in turn is wholly owned by national utility company Tenaga Nasional Berhad (TNB). TNB Manjung Five is the project compan...

MARC has affirmed the rating of AA-ID on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna' Serial Bonds) with a stable outlook. The rating action affects RM130 million of outstanding Istisna' Serial Bonds. Bayu Padu is a special purpose funding entity of SapuraKencana Petroleum Berhad (SapuraKencana). SapuraKencana is one of the world’s largest integra...

MARC has affirmed its A+, A and BBB+ ratings on RCE Advance Sdn Bhd’s (RCEA) outstanding Class A, B and C notes of RM65 million, RM55 million and RM60 million respectively. The notes were issued under RCEA’s RM420 million Fixed Rate Medium Term Notes (MTN) Programme. The outlook on the ratings is stable. RCEA is a wholly owned special purpose financing vehicle of RCE Marketing Sdn Bhd ...

MARC has affirmed its rating of AAA(fg) on Segi Astana Sdn Bhd's (Segi Astana) RM470.0 million Medium Term Notes (MTN) programme with a stable outlook. The rating is underpinned by the unconditional and irrevocable financial insurer guarantee provided by Danajamin Nasional Berhad (Danajamin). MARC currently rates Danajamin’s financial strength as AAA/Stable on the basis of its status as a go...