MARC has affirmed its debt ratings of AAA/AAAID on The Export-Import Bank of Korea’s (KEXIM) conventional and Islamic Medium Term Notes (MTN) Programmes with a combined nominal value of RM3.0 billion and AAA on KEXIM’s RM1.0 billion MTN Programme. The outlook for all the ratings is stable. The ratings are sustained by the strong implicit support of the South Korean government given KEX...

MARC has downgraded its ratings on Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes (Sukuk Ijarah MTN) and RM100 million Murabahah Commercial Papers/Murabahah Medium Term Notes (MCP/MMTN) programmes to A+IS and MARC-2ID /A+ID from AA-IS and MARC-1ID /AA-ID respectively, and revised the outlook of both ratings to stable from negative. The rating action aff...

MARC has affirmed its AA rating on State Bank of India’s (SBI) Senior Unsecured Bonds of RM500 million with a stable outlook. The rating reflects SBI’s very high systemic importance as the largest bank in India, its robust market franchise, stable income generation, strong liquidity position and the likelihood of external support from its majority shareholder, the Government of India (...

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 RM190 million of outstanding Istisna' Serial Bonds. Bayu Padu, formerly a special purpose funding entity of SapuraCrest Petroleum Bhd (SapuraCrest), became a wholly-owned subsidiary of SapuraKencana Petrole...

MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The affirmed rating reflects the sustained improvement in KEV’s operating performance since MARC’s last rating action, as well as the very high probability of support from Tenaga Nasional Berhad (TNB). The...

MARC has downgraded its ratings on Senai-Desaru Expressway Berhad's (SDEB) RM1.89 billion nominal value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk) Programme to BBB+IS and BBIS from A+IS and A-IS respectively. Concurrently, MARC has removed the ratings from MARCWatch Negative where it had been ...

MARC has affirmed its AA-ID and AID ratings on Alpha Circle Sdn Bhd’s (Alpha Circle) RM345.0 million Senior Musharakah Medium Term Notes (MMTN) programme and RM35.0 million Junior MMTNs respectively. The ratings carry a stable outlook. The ratings affirmation incorporates the strong performance of Alpha Circle due to the higher-than-projected issuance of foreign work permits for which fixed ...

MARC has affirmed the ratings of ABS Logistics Berhad’s (ALB) Senior Sukuk Ijarah comprising RM100.0 million of Class A, RM20.0 million of Class B and RM40.0 million of Class C sukuk at AAAIS, AAIS and AAAIS(bg) respectively. The rating action affects the outstanding amounts under the respective classes of RM75.0 million, RM20.0 million and RM40.0 million. The outlook on the ratings for Clas...

MARC affirms its ratings of Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM510 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM365 million Bank Guaranteed Serial Fixed Rate Bonds (BG Bonds) at A+ID and AA-(bg) respectively. The outlook on the ratings is stable. SPRINT is the concession owner and operator of the 25.5km SPRINT highway consisting of the Damansara Link...

MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating takes into account CGC’s sound capitalisation and prudent investment practices as well as the changes that CGC has embarked on in recent years to transform itself into a commercially driven institution. CGC’s adoption of a risk-adjusted pricing method...