MARC has affirmed its ratings of A+IS and A-IS 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. SDEB, a 70:30 joint-venture between Rancak Bistari Sdn Bhd and Johor state-owned YPJ Holdings Sdn Bhd, is the conce...

MARC has affirmed the AAAID(S) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating is aligned to MARC’s credit rating of the Sarawak State Government on the basis of a letter of support from the Sarawak State Government (SSG) for the BaIDS. The rating also reflects the sufficiency of cont...

MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The rating agency continues to classify CGC as a government-related financial institution on the basis of its public policy role of facilitating access to financing for small and medium enterprises (SME) by providing credit guarantees, and its majority government shareholding. CGC&r...

MARC has affirmed its AAA/AAAID and MARC-1/MARC-1ID ratings on Cagamas Berhad’s (Cagamas) Conventional and Islamic Medium Term Note Programme of up to RM40 billion (MTN Programme) and its Conventional and Islamic Commercial Paper Programme of up to RM20 billion (CP Programme) respectively. MARC has also affirmed its MARC-1ID and AAAID ratings on Cagamas’  Islamic Commercial Paper ...

MARC has affirmed its rating of AAAIS on special purpose vehicle Aman Sukuk Berhad’s (Aman) Islamic Medium Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The rating affirmation reflects the credit of the Government of Malaysia (GoM) as the single obligor and sublessee which will make contractual sublease rental payments under irrevocable sublease agreements betwee...

MARC has lowered its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme from AID to A-ID. The outlook on the rating is negative. The rating action, which affects RM160 million of outstanding MMTNs under the programme, is premised on the prolonged decline in the steelmaker’s operating performance and the rating agency’s expecta...

MARC has affirmed its short-term and long-term ratings of MARC-2ID /AID on EP Manufacturing Berhad's (EPMB) RM120 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) Programme with a stable outlook. The rating action affects RM10 million of notes outstanding under the programme.The affirmed ratings reflect the group’s strong domestic market position as leading Ti...

MARC has affirmed its ratings on Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Bank Guaranteed Medium-Term Notes (IMTN) programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million at AAAID(bg) and MARC-1ID(s) respectively. The IMTN programme is unconditionally and irrevocably guaranteed by Public Bank Berhad. The AAA rating on the IMTN p...

MARC has affirmed its AAIS rating with a stable outlook on Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme. The rating affirmation is premised on the credit strength of UEM Group Berhad (UEM) which provides liquidity support to the sale-and-leaseback transaction undertaken by DVSB and First Impact Sdn Bhd (FISB), a wholly-owned subsidiary of UEM. In addition...

MARC has affirmed its rating on DutaLand Berhad’s (DutaLand) outstanding RM20,649,024 Redeemable Unsecured Loan Stocks (RULS) at B with a stable outlook. The rating action incorporates DutaLand’s improving operating performance, underpinned by a higher contribution from its plantation division that has offset weaker earnings from its property development activities, and its reliance on...