The rating affirmation of Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah Issuance at A+ID is underpinned by Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer base and geographical distribution; and its fairly strong financial profile. Moderating factors, however, include the vuln...

MARC has affirmed Boustead Plantations Berhad’s (formerly known as Kuala Sidim Berhad) long term ratings under Tranche 1 and 2 at A+(BG) and A- respectively. Meanwhile the short term ratings of Tranche 1 and 2 are reaffirmed at MARC-1(BG) and MARC-2 respectively. The reaffirmation of the Tranche 1 rating reflects the unconditional and irrevocable guarantee by Southern Bank Berhad (SBB), wh...

MARC has assigned a rating of AA-IS to Vastalux Capital Sdn Bhd’s (VCSB) Islamic Securities under the principle of Musyarakah Mutanaqisah (Sukuk Musyarakah) of RM100.0 million. The rating assignment reflects the strong credit risk of the offtaker, PETRONAS Carigali Sdn Bhd (PCSB); protective issue structure which mitigates the risk of commingling of funds from two main contracts with PCSB...

MARC has affirmed Bumiputra-Commerce Bank Berhad’s (BCB or the bank) Financial Institution ratings at AA-/MARC-1 and its detachable coupons of RM667.0 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating at A+. The ratings reflect the bank’s efforts at improving asset quality, its stable liquidity position and wide funding base.Deemed the second largest...

MARC has assigned ratings of AAA to CapOne Berhad’s (CapOne) RM600.0 million Super Senior Class A-1 and RM250.0 million Senior Class A-2 secured fixed-rate asset-backed bonds; AA to RM50.0 million Mezzanine Class B secured fixed-rate asset-backed bonds; and BB to RM100.0 million subordinated secured variable-rate asset-backed bonds respectively. The ratings are based on the total credit en...

MARC has assigned short and long term ratings of MARC-2ID/AID to Malaysian AE Models Holdings Berhad’s (“MAE”) proposed issuance of RM200 Million Islamic Commercial Paper/Islamic Medium Term Notes Programme. The ratings reflect MAE’s competitive position as a one-stop logistic solutions provider; its technical competency in the industry; stable order book and fairly stron...

MARC has assigned a rating of A+ID/MARC-2ID to Emas Kiara Industries Berhad’s (“EKIB”) Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (“MUNIF/IMTN”) Programme of up to nominal value of RM80 million. The rating assignment is a reflection of EKIB’s position as a leading market player in the geosynthetics prod...

The re-affirmed AA insurer financial rating of Lonpac Insurance Berhad (Lonpac) reflects the company’s record of underwriting discipline, its excellent liquidity and prudent capital management. The rating also factors Lonpac’s continued strategic emphasis on underwriting discipline and improving product diversity. Lonpac’s recent initiatives to broaden its product and distributio...

MARC has downgraded the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BB-ID with negative outlook. The downgrade is premised on the weak traffic volume at all the four tolls, which have been consistently and significantly below the initial traffic projections; the weak traffic forecasts (latest traffic ...

MARC has assigned the rating of AAAIS to Sacofa Sdn Bhd’s (SACOFA) and Sarawak Gateway Sdn Bhd’s (Sarawak Gateway) RM160.0 million Sukuk Istisna’ and RM240.0 million Sukuk Ijarah respectively. The strong ratings reflect, amongst others, SACOFA’s exclusive rights to construct, own and manage the telecommunication towers and structures in the State of Sarawak; the licensing...