Rating action     MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The outlook on both ratings is stable. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated...

Rating action          MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM200.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The outlook on the rating is stable. RationaleThe performance of Sinar Kamiri’s 49MWac solar power plant remained within expectations in 2022. Electricity generation was margi...

Rating action            MARC Ratings has assigned ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes with a stable outlook. RationaleThe assigned ratings are primarily driven by the strength of Alam Flora’s long-term concession agreement (CA) with the Governme...

Rating action         MARC Ratings has affirmed its rating of AAAIS on Cagamas MBS Berhad’s RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. RationaleThe rating incorporates CMBS 2007-1-i’s strong credit enhancement level of 329.0% as at the reporting date of November 29, 2022, based on the outstanding principal of no...

Rating action              MARC Ratings has affirmed its rating of AAA on Cagamas MBS Berhad’s RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook. RationaleThe rating incorporates CMBS 2005-2’s very high accumulated cash and permitted investments of RM926.4 million as at the reporting date of December 12, 2022...

Rating action     MARC Ratings has affirmed its rating of AAA on Cagamas MBS Berhad’s RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook.     Rationale     The rating incorporates CMBS 2007-2’s very high accumulated cash and permitted investments of RM597.0 million as at the reporting date of November 22, 2022...

Summary     Global Bond Markets     Global government bonds mostly came under selling pressure in February on the growing possibility of “higher for longer” interest rate policy. This is not surprising given that inflation on both sides of the Atlantic continue to hover more than two times above major central banks’ 2% target. Meanwhile in China, bonds traded ra...

Rating action          MARC Ratings has upgraded port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) RM2.15 billion Islamic Medium-Term Notes (Sukuk Murabahah Programme) rating to AAIS from AA-IS. The rating outlook is stable. The outstanding under the rated programme stood at RM2.1 billion as at March 13, 2023.RationaleThe rating upgrade is premised on PTP’s ...

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...