MARC has  affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 on Malayan Banking Berhad (Maybank). The ratings are underpinned by Maybank’s strong and sustainable domestic banking franchise, stable asset quality and funding structure, good recurring earnings generation and prudent capitalisation. The ratings reflect Maybank’s standalone credit profile...

MARC has affirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) of RM2,050.0 million with a stable outlook. The rating action affects the outstanding Sukuk of approximately RM1,585.0 million. CMBS 2005-1 is an Islamic issuance which represents the second residential home financing securitisation issuance by Cagamas MBS. The transa...

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 outstanding RM345.0 million Series 4 bonds under CMBS 2004-1. The transaction’s affirmed rating reflects strong credit enhancement levels for the outstanding bonds, supported by a collections ...

MARC has affirmed the following long-term ratings on Special Coral Sdn Bhd’s (Special Coral) RM300 million Senior Class and RM800 million Subordinated Class Medium Term Notes (MTN) under its RM1.1 billion MTN Programme:Medium Term Notes Programme                  Issue size     ...

MARC has lowered its ratings on Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme to MARC-2ID /A-ID and A-ID from MARC-2ID /AID and AID respectively. The outlook for the ratings is negative. Concurrently, the rating agency has removed Kinsteel’s ratings from MARCWatch...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AAA and the utility's Islamic debt ratings at AAAID for the following outstanding issues: i) RM1.0 billion Al-Bai’ Bithaman Ajil Notes Issuance Facility; and ii) RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The outlook is stable. The affirmed ratings continue to incorporate support uplift for TNB's obligations, deriv...

MARC has downgraded its rating on Scomi Group Berhad’s (Scomi or group) RM500 million Medium Term Notes (MTN) programme to A from A+ and concurrently placed the rating on MARCWatch Negative. The rating action affects RM200 million of outstanding MTNs.The downgrade follows the release of Scomi’s unaudited results for the financial year ended December 31, 2011 (FY2011). While Scomi had e...

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 takes into account the recent improvement in KEV’s operating and financial performance, as well as the rating agency’s expectation of a very high probability of parental support from Te...

MARC has affirmed its rating on TSH Sukuk Musyarakah Sdn Bhd’s (TSH Musyarakah) RM100.0 million Islamic Medium Term Notes (IMTN) Programme at AAAIS(fg) with a stable outlook. The rating action affects outstanding notes of RM50.0 million issued under the rated programme.TSH Musyarakah is a special purpose funding vehicle created to facilitate the issuance of the notes under the rated programm...

MARC has affirmed its ratings on TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM100.0 million Sukuk Ijarah Commercial Papers (Sukuk ICP) and RM300.0 million Sukuk Ijarah Medium Term Notes (Sukuk IMTN) Programmes at MARC-1IS /AA-IS with a stable outlook. The rating action affects outstanding notes of RM245.0 million issued under the rated programmes.TSH Ijarah is a special purpose funding vehicle ...