Rating action          MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme (ICP/IMTN-3) with a combined nominal value of RM4.0 billion. The rating agency has also affirmed its ratings of AA-IS on UEM Sunrise’s two RM2.0 billion IMTN Programmes (IMTN-1 and IMT...

Rating action           MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.50 billion Sukuk Murabahah with a stable outlook. Rationale The rating affirmation reflects JEP’s predictable cash flows from its 2x1,000-MW ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Be...

Rating action          MARC Ratings has affirmed its AA+IS rating on EDOTCO Malaysia Sdn Bhd’s Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook. The current outstanding stands at RM1.4 billion.Rationale The rating continues to be driven by the solid market position of EDOTCO Malaysia and its subsidiaries...

Rating action         MARC Ratings has assigned ratings to Sunway Group’s existing unrated sukuk and unrated debt as follows:Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme at AISSunway Treasury Sukuk Sdn Bhd’s RM10.0 billion Islamic Medium-Term Notes (IMTN) Programme at AA-IS.MARC Ratings has concurrently affirmed the existing ratings on Sunway Group’s fol...

Rating action              MARC Ratings has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co Ltd (IGI). The rating is based on Malaysia’s national scale. Rationale        The rating affirmation reflects IGI’s healthy capitalisation level, pru...

Rating action          MARC Ratings has assigned a rating of AA-IS/Stable to OCK Group Berhad’s proposed RM400 million Tranche 1 to be issued under a proposed RM700 million Sukuk Murabahah Programme. Rationale OCK is principally involved in telecommunication network services (TNS) that comprise tower leasing, provision of full turnkey solutions, and manage...

Rating action          MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook.RationaleThe ratings incorporate KAF IB’s strong capitalisation and liquidity levels, underpinned by a conservative investment strategy. The long-term FI rating is moderated by the susceptibility of KAF IB...

Rating action          MARC Ratings has affirmed its rating of AA-IS(cg) on Eco World Capital Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme of RM1.2 billion. The rating outlook is stable. Eco World Capital is the financing vehicle of parent Eco World Development Group Berhad (EcoWorld) which provided an unconditional and irrevocable guarantee on the p...

Summary           Domestic consumption remained resilient, while the softer decline in exports together with better-than-expected economic performance and stable industrial production growth in China may indicate a potential rebound in Malaysia’s manufacturing sector. Despite a temporary pause in the dollar index’s rally against major currencies, the Ringgit ...

Rating action         MARC Ratings has affirmed its rating of AAIS on Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah Programme with a stable outlook. The outstanding under the programme is RM350 million as at end-August 2023.Rationale      Northport’s well-established operational track record as a key port operator in Port Klang, healthy ...