MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM2,060.0 million (CMBS 2005-2) with a stable outlook. The rating action affects outstanding bonds of RM1,315.0 million. The affirmed rating considers the strong credit enhancement levels for the outstanding bonds based on the transaction’s collection account balance of RM382....

MARC has affirmed its MARC-1ID/AAAID ratings on Sime Darby Berhad’s (Sime Darby) RM4.5 billion Islamic Medium Term Notes Programme (IMTN Programme) and RM500 million Islamic Commercial Papers (ICP) with a combined limit of RM4.5 billion (ICP/IMTN Programme). The outlook of the ratings is stable. The rating of MARC-1ID on the RM150 million Underwritten Murabahah Commercial Papers Facility has...

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

MARC has assigned rating of AAAIS to TNB Northern Energy Berhad's (TNB Northern Energy) issuance of Islamic securities (sukuk) of RM1.625 billion with a stable outlook. TNB Northern Energy is a wholly-owned funding vehicle of TNB Prai Sdn Bhd (TNB Prai) which in turn is wholly owned by national utility company Tenaga Nasional Berhad (TNB). TNB Northern Energy is using the sukuk proceeds to part-fi...

MARC has affirmed its AAAID rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The rating action affects outstanding sukuk of RM1,325.0 million following the redemption of RM260.0 million Tranche 3 on August 8, 2012. CMBS 2005-1, representing the second residential home financing securitisation issuance b...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM1,555.0 million (CMBS 2004-1) with a stable outlook. The rating action affects the remaining RM345.0 million Series 4 bonds issued under CMBS 2004-1.Cagamas MBS, a wholly-owned subsidiary of Cagamas Holdings Berhad (Cagamas Holdings), is a special purpose vehicle incorporated sole...

MARC has downgraded its ratings on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM100.0 million Murabahah Medium Term Notes (MTN) Programme to MARC-3ID/BBBID and BBBID from MARC-2ID/A-ID and A-ID respectively. Concurrently, MARC has removed the ratings from MARCWatch Negative where it had been placed on April 17, 2013. The ...

MARC has lowered its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme to BBB-ID from A-ID. Concurrently, MARC has placed the rating on MARCWatch Negative. The rating actions affect RM110.0 million of current outstanding notes. The rating downgrade reflects the steelmaker’s weak financial risk profile arising from the prolonged cha...

MARC has affirmed the rating on Boustead Holdings Berhad’s (Boustead) RM1.0 billion Bank Guaranteed Medium Term Notes (BG MTN) programme at AAA(bg) with a stable outlook. The rating reflects the credit strength of the syndicated bank guarantee facility provided by OCBC Bank (Malaysia) Berhad (OCBC Malaysia), Public Bank Berhad (Public Bank), Malayan Banking Berhad (Maybank) and The Bank of E...

MARC has affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 with a stable outlook on Malayan Banking Berhad (Maybank). Maybank is the major operating entity and financial holding company of the Maybank Group which is engaged in conventional and Islamic banking, insurance, takaful and investment services. The ratings are underpinned by Maybank’s sizeable core co...