Rating action         MARC Ratings has assigned ratings of MARC-1IS/AA-IS to UDA Holdings Berhad’s (UDA) Islamic Commercial Papers (ICP) programme of up to RM100.0 million and Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion with a combined aggregate limit in nominal value of up to RM1.0 billion (Sukuk Wakalah Programmes) with a stable outlook.RationaleT...

Rating action          MARC Ratings has revised the outlook on Top Glove Corporation Bhd’s (Top Glove) corporate credit rating to negative from stable on concerns that the impact from the continued tough global market conditions for glove manufacturers will weigh on the group’s performance. Concurrently, the rating outlook on the RM3.0 billion Perpetual Sukuk Waka...

Rating action          MARC Ratings has assigned a final rating of A with a stable outlook to Singer (Malaysia) Sdn Bhd’s (Singer) RM300.0 million Medium-Term Notes (MTN) Programme. RationaleThe rating incorporates Singer’s long and profitable track record in selling and financing consumer durables and motorcycles, underpinned by strong operating profit margi...

Rating action         MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating at AAIS with a stable outlook.RationaleBEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In November 2015, it won the Terengganu state government’s contrac...

Rating action          MARC Ratings has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable.RationaleThe ratings reflec...

Rating action          MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The outlook on all ratings is stable.Rationale The affirmed ratings reflect the loan-to-value (LTV) ratios of the classes under the issuance that...

Rating action           MARC Ratings has assigned ratings of MARC-1/MARC-1IS with a stable outlook to Cagamas Berhad’s Conventional and Islamic Commercial Papers (CCP/ICP) programmes with a combined aggregate limit of RM20 billion.RationaleCagamas’ status as the national mortgage corporation and its strategic role in the domestic financial system, underpinned...

Summary          Global Bond Markets   Government bonds rallied on both sides of the Atlantic in January as easing inflation momentum renewed hopes of less aggressive monetary policy tightening by central banks. In China, relatively lower CGB yields became less enticing to investors as yields on developed economy bonds are expected to peak soon.Malaysian Gov...

Rationale          MARC Ratings has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA/stable based on its national rating scale.  The rating reflects Kuwait’s significant fiscal and external buffers. These credit strengths are, however, balanced by credit concerns that include its heavy reliance on the oil sector, political tens...

Summary         Global Bond MarketsGovernment bonds saw heavy selloff on both sides of the Atlantic as investors digested the latest statements of major central banks. In China, on the other hand, government bonds saw some buying interest due to an earlier-than-expected reopening of the Chinese economy and kicking in of government support for the debt-ridden property secto...