MARC has assigned a AA+ rating to the proposed senior unsecured ringgit bonds to be issued by State Bank of India (SBI). The rating reflects the bank’s position as the largest commercial bank in India, amidst consolidation in the Indian banking system and intensifying domestic competition from private banks and other public sector banks, and its strong financial profile, underpinned by moder...

MARC has assigned initial ratings of AA-IS and MARC-1ID/AA-ID for Tanjung Langsat Port Sdn Bhd’s (TLP) RM250.0 million Sukuk Musyarakah (Sukuk Musyarakah) and RM135.0 million Musyarakah Commercial Papers/Musyarakah Medium Term Notes Programme (MCP/MMTN), respectively. The ratings carry a stable outlook. The proceeds from the proposed issuances will be used mainly to repay existing borrowings...

MARC has assigned a rating of AAAIS for Putrajaya Holdings Sdn Bhd’s (PjH) up to RM1.5 billion Nominal Value Sukuk Musyarakah Medium Term Notes Programme. The rating carries a stable outlook. The proceeds of the sukuk will be used mainly for Syariah compliant general working capital requirements of PjH, and to pay the balance of contract works in Parcel E subject to a ceiling of RM35 million...

MARC has assigned the rating of AA-IS to Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah (the Sukuk). The outlook for the rating is stable.Matang is a wholly-owned subsidiary of Zecon Berhad (Zecon), established with a single purpose to undertake the issuance of the Sukuk. The proceeds from the Sukuk will be utilized to refinance Zecon’s existing debts and to finance ...

MARC has downgraded the ratings of Kerisma Bhd’s (Kerisma) RM870.0 million senior secured bonds, RM30.0 million mezzanine secured bonds and RM100.0 million subordinated secured bonds from AAA, AA and B to AA-, A- and C, respectively. The downgrades are premised on further deterioration in the underlying loan portfolio resulting from a new obligor default and erosion of credit enhancement lev...

MARC has assigned a AAA rating to Oversea-Chinese Banking Corporation Limited’s (OCBC) RM2.5 billion redeemable subordinated bonds. Although the proposed issuance is junior in ranking to deposits and senior debt, the well protected position of the rated debt in OCBC’s capital structure and OCBC’s strongly positioned senior unsecured rating within the ‘AAA’ rating cate...

MARC has assigned a corporate credit rating (CCR) of AAA to UMW Holdings Berhad (UMW or the Group). The CCR of AAA indicates UMW’s very strong intrinsic ability and overall capacity for timely repayment of its financial obligations. UMW is a leading domestic industrial group with activities that span automotive, oil and gas services, heavy and industrial equipment as well as manufacturing an...

MARC has reaffirmed the AAA and MARC-1/AAA ratings of Valid Ventures Berhad’s (VVB) RM510.0 million fixed rate serial bonds (bonds) and up to RM85.0 million Commercial Paper/Medium Term Notes (CP/MTN) Programme, respectively. The rating reflects the Government of Malaysia’s (GOM) demonstrated willingness and capacity to support the deferred payment obligations of Port Klang Authority (...

MARC has assigned initial ratings of AA-IS for WCT Engineering Berhad’s (WCT) RM300 million Redeemable Sukuk with Warrants (Sukuk) and MARC-1ID/AA-ID for its RM300 million Islamic Commercial Paper / Medium Term Notes Programme (ICP/IMTN). The outlook for the ratings is stable. Proceeds from the proposed issuances will be used for capital expenditure requirements and working capital as well a...

Vast Winners Sdn Bhd (VWSB) is a bankruptcy remote special purpose vehicle established for the purpose of issuing up to RM650.0 million Medium Term Notes (MTNs). The proceeds of the issuance will be used to finance the purchase of 510,418 sq ft of strata floor area within shopping centre, Sungei Wang Plaza (SWP or property), together with 1,310 parking bays and rights under all tenancy agreements ...