MARC has affirmed its MARC-1/AA ratings on Hong Leong Financial Group Berhad's (HLFG) RM1.8 billion Commercial Paper and Medium Term Notes (CP/MTN) programme with a stable outlook. HLFG is the non-operating holding company of a financial services group which holds the fifth largest domestic commercial bank, a leading domestic life insurer and a mid-tier investment bank.The ratings continue to refl...

MARC has affirmed its rating on Trinity Corporation Berhad’s (Trinity) outstanding RM92.8 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDs) at B-ID. The outlook is revised to stable from negative. The affirmed rating reflects Trinity’s weak business and financial profile arising from the group’s restricted ability to undertake new development projects and its co...

MARC has affirmed the AAA rating on Special Port Vehicle Berhad’s (SPVB) RM1,310.0 million nominal amount asset-backed serial bonds facility with a negative outlook. The rating action affects the outstanding bonds of RM610.0 million following the redemption of the RM130.0 million Series 7 on July 30, 2013. The assets backing the transaction comprise the deferred payments from Port Klang Auth...

MARC has downgraded its rating on Press Metal Berhad’s (Press Metal) outstanding RM317.5 million Redeemable Convertible Secured Loan Stocks (RCSLS) with detachable warrants from A- to BBB. Concurrently, the rating has been placed on MARCWatch Negative pending greater clarity on the credit impact from the unexpected shutdown of Press Metal’s aluminium smelting plant in Mukah, Sarawak, d...

MARC has affirmed its AAAIS(bg) and AAAIS(fg) ratings on Ranhill Power Sdn Bhd’s (RPSB) RM300 million bank guaranteed (Tranche 1) and RM500 million Danajamin Nasional Bhd (Danajamin) guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The outlook for both ratings is maintained at stable.The rating on Tranche 1 reflects the credit strength of an unconditional and irrevocable guar...

MARC has affirmed the ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM350 million guaranteed notes and RM360 million non-guaranteed notes issued under its RM710 million Islamic Medium Term Notes (IMTN) Programme at AAAIS(fg) and AAIS  respectively. The outlook for both ratings is stable. RPII is the special purpose project company that operates the 190-megawatt combined-cycle gas turbine...

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) with a stable outlook on the ratings. The Subordinated Sukuk, which qualifies as Tier-2 capital for Maybank Islamic, is rated one notch lower than the bank’s FI rating in accor...

MARC assigns a rating of AA-IS to Tanjung Bin O&M Berhad’s (formerly known as Sterling Asia Berhad) (Tanjung Bin O&M or the Issuer) RM470.0 million Islamic Securities (Sukuk Wakalah or Sukuk) with a stable outlook. The proceeds of the Sukuk issuance would be primarily utilised toward part-financing the acquisition costs of HICOM Power Sdn Bhd’s (HICOM Power) operations and main...

MARC affirms 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 after the latest serial redemption of RM375.0 million on August 22, 2012. The affirmed rating on the residential mortgage-backed bonds continues to be supported by ...

MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The rating action affects outstanding sukuk of RM1,525.0 million. The affirmed rating reflects strong credit enhancement level and performance by the collateral pool which comprises seasoned mortgages of high credit quality. ...