MARC has affirmed the ratings on Hong Leong Financial Group Berhad’s (HLFG) RM800 million Commercial Paper and Medium Term Notes Programme (CP/MTN) (2007 to 2014) and RM300 million CP/MTN (2002 to 2009) at AA-/MARC-1. The affirmed ratings continue to reflect the group’s successful banking and insurance franchises, the consistent and resilient earnings performance of its principal banki...

MARC has affirmed its AAID long-term rating on MTD InfraPerdana Bhd’s (MTD InfraPerdana) RM700.0 million Islamic Medium Term Notes (IMTN) programme. The rating outlook is stable. The rating reflects strong earnings and cash flow generation of its two wholly-owned toll concessionaires, in particular MTD Prime Sdn Bhd (MTD Prime), that are supported by sustained traffic flows on completed high...

MARC has affirmed its AA+(S) rating on Titisan Modal (M) Sdn Bhd's (Titisan Modal) RM738.0 million Fixed Rate Serial Bonds (FRSB). The developing outlook on the rating has been maintained pending the finalization of the acquisition of the water assets and liabilities of its sole operating subsidiary and bulk water concession company, Konsortium Abass Sdn Bhd (Konsortium Abass), by the Selangor Sta...

MARC has assigned a rating of AAIS to CIMB Islamic Bank Berhad’s (CIMB Islamic) proposed Tier-2 Junior Sukuk Programme. The rating is positioned one notch lower than MARC’s assigned long-term financial institution rating on CIMB Islamic of AA+. The assigned corporate debt rating reflects the subordinated position of the Junior Sukuk relative to the bank’s deposits as well as seni...

MARC has affirmed its MARC-1ID /AID ratings of Tomei Consolidated Berhad’s (Tomei) RM100.0 million Islamic Commercial Paper/ Medium Term Notes (ICP/IMTN) Programme. The ratings carry a stable outlook. The affirmed ratings reflect Tomei’s significant jewellery-chain operations in the local jewellery market, its integrated operations that have allowed the company to offer a wide product ...

MARC has affirmed its MARC-1ID /AA-ID ratings on Top Glove Corporation Berhad’s (Top Glove) RM100 million Islamic Medium Term Note Programme and RM100 million Islamic Commercial Papers Programme with a positive outlook. The affirmed ratings reflect Top Glove’s global market leadership, sound business model and robust credit metrics. Moderating the ratings would be the sensitivity of it...

MARC has affirmed its AA-/MARC-1 financial institution ratings on AmInvestment Bank Berhad (AmInvestment). The outlook on the ratings is stable. The affirmed ratings reflect the consolidated strength of the banking entities of AMMB Holdings Berhad (AHB/AmBank Group) which is underpinned by strong investment and retail banking franchises as well as sound core profitability, asset quality and capita...

MARC has affirmed its ratings on Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Commercial Papers / Medium Term Notes (CP/MTN) Programme and RM500 million Medium Term Notes (MTN) Programme at MARC-1ID / AAAID and AAAID respectively. The ratings carry a stable outlook. The affirmed ratings reflect Gas Malaysia’s dominant market position as the sole natural gas distributor in Penins...

MARC has affirmed its MARC-1/AA- ratings on IJM Corporation Berhad’s (IJM) RM300 million Commercial Papers/Medium Term Notes (CP/MTN) Programme. The ratings are premised on the group’s below-average business risk profile which is underpinned by strong market positions in construction and property development and its fairly diversified operations across industry segments and key markets...

MARC has affirmed its long-term rating on independent oil terminal (IOT) owner, Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the rating is stable. The affirmed rating reflects the fundamentals of the underlying oil terminal project, underpinned by a 30-year agreement through 2037 with terminal users of superior credit standing. Contr...