MARC has affirmed the ratings of Bluwater Developments Berhad’s (Bluwater) RM47 million Bank Guaranteed Commercial Papers (CPs) and RM130 million Bank Guaranteed Serial Bonds (Bonds) at MARC-1(bg) and AAA(bg) respectively. The ratings carry a stable outlook. The affirmed ratings and outlook are underpinned by the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad...

MARC has affirmed its MARC-1ID/A+ID ratings on Weida (M) Bhd’s (Weida) RM100 Million Murabahah Underwritten Notes Issuance/Islamic Medium Term Notes Facility. The rating outlook is maintained at stable. The affirmed ratings reflect Weida’s strong market position in its core business of High Density Polyethylene Engineering (HDPE) product manufacturing, improved business line and geogra...

MARC has affirmed Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Papers/Medium Term Notes Programme at AAA(cg) /MARC-1(cg) and AAAID(cg) /MARC-1ID(cg) respectively. The ratings reflect the credit strength of the corporate guarantee provided by its parent company, UK-based Tesco plc for the rated facilities and MARC’s public informat...

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 ratings carry a stable outlook. The IMTN benefits from an unconditional and irrevocable guarantee by Public Bank...

MARC has affirmed the rating of Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion 7-year Medium Term Notes (MTN) Programme at AAA. The notes are fully collateralised by post-construction receivables of the Government of Malaysia (GOM) related to the construction of the integrated Customs, Immigration and Quarantine (CIQ) Complex project in Johor Bahru (JB). Accordingly, the affirmed rating...

MARC has affirmed its AA+/ MARC-1 financial institution ratings on CIMB Bank Bhd (CIMB Bank) with a stable outlook. At the same time, MARC has also affirmed all corporate debt ratings assigned to CIMB Bank with a stable outlook. The full list of the affirmed corporate debt ratings are given at the end of this section. CIMB Bank’s ratings reflect its adequate capitalisation, stable earning st...

MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC). The rating reflects CGC’s important policy role in promoting access to financing for small and medium enterprises (SMEs), as well as its majority-ownership by Bank Negara Malaysia (BNM). The rating also takes into consideration the credit guarantee provider’s strong capitalisation, adequate l...

MARC has downgraded its rating on MNRB Holdings Berhad’s (MNRB) Islamic Medium Term Notes (IMTN) Issuance Programme of RM200 million to AA-IS from AAIS. The rating downgrade reflects MARC’s concerns with regard to a weakening of MNRB’s liquidity profile in addition to reduced cash flow prospects arising from a perceived trend toward lower dividend payouts by its main operating su...

MARC has affirmed its ratings on KNM Capital Sdn Bhd’s (KNMCap) RM300 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-1ID /AA-ID. The outlook on the ratings is stable. KNMCap is a wholly-owned subsidiary of KNM Group Berhad (KNM) and serves as a funding conduit for the group. The ratings reflect KNM’s enhanced market position, ...

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. The ratings also take into account Cagamas’ status as Malaysia’s sole national mortgage cor...