MARC has affirmed its AAA insurer financial strength (IFS) rating on Danajamin Nasional Berhad (Danajamin) with a stable outlook. The affirmed IFS rating continues to reflect Danajamin’s status as a government-sponsored and owned financial guarantee insurer (FGI) and perceived high support from the government in view of its public policy objective of facilitating greater corporate access to ...

MARC has assigned ratings of AAA and AA to Inverfin Sdn Bhd’s (Inverfin) RM185.0 million Tranche A notes and RM15.0 million Tranche B notes respectively. The notes are to be issued under Inverfin’s RM200.0 million Medium Term Notes (MTN) Programme. The outlook on the ratings is stable.The notes are structured on an interest-only basis and backed by the collateral property, the 50-store...

MARC has affirmed 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 at MARC-1(cg) /AAA(cg) and MARC-1ID(cg) /AAAID(cg) respectively. The outlook for the ratings is revised to negative from stable. The ratings reflect the credit strength of the ...

MARC has affirmed the rating of AA-IS on DRB-HICOM Berhad’s (DRB-HICOM) RM1.8 billion Islamic Medium Term Notes (IMTN) programme. The rating outlook is maintained at negative. The affirmed rating considers DRB-HICOM’s asset disposals which give the holding company moderate visibility as to its funding sources for debt servicing requirements over the next two years. MARC’s assessm...

MARC has affirmed its rating of AA+IS(bg) on Aras Sejagat Sdn Bhd’s (Aras Sejagat) RM500 million Bank Guaranteed Sukuk Ijarah (Sukuk Ijarah) programme with a stable outlook. The affirmed rating solely reflects MARC’s affirmation on the financial institution rating of the guarantor, Kuwait Finance House (Malaysia) Berhad (KFHMB), full details of which are provided in the rating announce...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AAA and Islamic debt rating of AAAID for the outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The outlook on the ratings is stable. The ratings continue to incorporate an uplift from TNB’s standalone credit assessment and fundamentally represents the high likelihood of support from the government premised on ...

MARC has downgraded its insurer financial strength (IFS) rating on BEST RE (L) Limited (BEST RE) to A+ from AA and revised the outlook to negative from stable. The rating action reflects recent underwriting losses due in part to higher catastrophe losses arising from Thai floods in 2011 and the weakening of its capital adequacy metrics. The current rating incorporates risk-mitigating initiatives u...

MARC has affirmed the rating on Gas Malaysia Berhad’s (Gas Malaysia) RM500 million Al-Murabahah Medium Term Notes (MTN) Programme at AAAID with a stable outlook. Currently, there are no outstanding notes issued under the programme. The affirmed rating reflects Gas Malaysia’s strong credit profile underpinned by its strong market position as the sole natural gas distributor in Peninsula...

MARC has downgraded its insurer financial strength (IFS) rating on BEST RE Family (L) Limited (BEST RE Family) to A+ from AA with a stable outlook, to reflect the rating agency's revised approach of notching up the family takaful operator's standalone credit assessment on account of parental support uplift from its ultimate holding company, Islamic Arab Insurance Co (IAIC or SALAMA). MARC's previo...

MARC assigns a rating of AA-IS to Cerah Sama Sdn Bhd’s (Cerah Sama) proposed first issuance of RM420.0 million sukuk under its RM750.0 million Sukuk Musharakah Programme with a stable outlook. The rating on the sukuk derives from MARC’s assessment of the underlying economic strength of the Cheras-Kajang Highway operated by Cerah Sama’s key and only material operating subsidiary, ...