MARC has assigned ratings of AAA & AAAID to The Export-Import Bank of Korea’s (KEXIM) Medium Term Notes Programmes for its conventional and Islamic issuances respectively, for a total combined nominal value of up to RM3.0 billion. The ratings reflect KEXIM’s strategic and public policy role in relation to the Republic of Korea’s (Korea) key export and import sectors, its gove...

MARC has upgraded its long-term rating on Pembangunan Leasing Corporation Sdn Bhd’s (PLC) Guaranteed Notes Issuance Programme (GNIP) to AA(bg) from A+(bg), and affirmed its MARC-1 (bg) short-term rating on the GNIP. The outlook on the ratings reflects the stable outlook on the guarantor’s rating. The GNIP is guaranteed by Bank Pembangunan Malaysia Berhad (BPMB), PLC’s holding com...

MARC has assigned an initial rating of AA+IS for Westports Malaysia Sdn Bhd’s (Westports) Proposed RM800 Million Sukuk Musyarakah Medium Term Notes. The rating has a stable outlook. The rating is supported by the company's track record of solid operating performance and strong financial profile. The rating further benefits from an experienced management team and the long standing customer re...

 MARC has reaffirmed the long-term rating of Sapura Energy Sdn Bhd’s (“SESB” or “the Group”) RM140 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The rating carries a stable outlook. The reaffirmed rating reflects SESB’s moderate business profile as an oil and gas service provider and good operating track record as evidence...

MARC has reaffirmed Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds) rating at AAA(s)ID. The rating outlook is stable. The suffix(s) indicates that the rating on the Istisna Serial Bonds is supported by the Sarawak State Government’s obligation to pay, in a timely manner, amounts due under a Redeemable Preference Share (RPS) subscri...

MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and 2 rating has been downgraded from A- to BBB+. The rating outlook is developing. The rating downgrade reflects its weakening business and financial risk profile, in particular of its lower take up rate in its Damansara Perdana and Damansara Damai developments, MK Land’s weak profitability measures, as well as c...

MARC has reaffirmed the rating of AA- IS on Vastalux Capital Sdn Bhd’s (VCSB) RM100.0 million Sukuk Musyarakah. The rating outlook is stable. The rating reflects the credit strength of payment stream arising from the performance of contracts secured from PCSB. The contracts have tenures and cash flows that match VCSB’s obligations under the Sukuk Musyarakah. Payments from PCSB are capt...

MARC has affirmed its AAIS rating on Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme (Sukuk). The rating outlook is stable. The Sukuk programme is a structured transaction involving DVSB acquiring the beneficial ownership in the land and building designated as the UEM Group Berhad (UEM Group) Headquarters’ Building (the Building) from First Impact Sdn ...

MARC has reaffirmed the AAA rating of Gerbang Perdana CIQ Sdn Bhd’s (Gerbang Perdana CIQ) RM1.7 billion Seven Year Medium Term Notes (MTN) Programme. The rating carries a stable outlook. The rating reflects the credit quality of receivables from the Government of Malaysia (GOM) in respect of Facility Payment Certificates (FPCs) issued in connection with the construction of an Integrated Cust...

MARC has reaffirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds (CMBS 2005-2) of RM2,060.0 million at AAA.  CMBS 2005-2 is collateralised by a portfolio of government staff housing loans (GSHLs), payments on which are deducted at source. The reaffirmed rating reflects the performance of the securitised mortgage portfolio in particular,...