Rating action    MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad’s (TCMH) outstanding RM300.0 million sukuk issuance under its RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook is stable. The rating is confined to a RM500.0 million issuance limit and any further drawdown will require a reassessment of the rating...

Rating action        MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM180.0 million Sukuk Wakalah with a stable outlook.Rationale The rating affirmation reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower)(AA-IS/Stable), which has provided an unconditional and irrevocable undertaking t...

Rating action         MARC has assigned ratings of MARC-1IS /AIS on Gabungan AQRS Berhad’s (GBG) RM200 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. RationaleThe ratings incorporate GBG’s moderate construction order book, its low counterparty risk from the largely government-related construction ...

Rating actionMARC Ratings has affirmed its investment management rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB).  RationaleThe rating primarily reflects KIB’s well-established investment processes, sound risk management practices and strong operating track record. These factors are moderated by its relatively small asset size and moderate financial profile.KIB is a wholly-owne...

Rating actionMARC Ratings has affirmed its investment management rating (IMR) of IMR-2 on Kenanga Islamic Investors Berhad (KIIB).  RationaleThe rating reflects KIIB’s well-established investment management process, supported by a prudent risk management framework that is sufficient for its relatively small-sized asset management business. KIIB is a wholly-owned subsidiary of Kena...

SummaryGlobal Bond Markets          Global bonds ended mixed in October. USTs, for example, remained under pressure amid rising expectation of a rate hike. In the UK, on the other hand, gilts recouped most of their previous month’s losses following the mini budget’s U-turn and the appointment of a new prime minister.Malaysian Government Bond Market    &n...

Rating ActionMARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. The rating outlook is stable. The programme has an outstanding amount of RM1.6 billion as at end-August 2022.RationaleThe affirmed rating reflects the sizeable and predictable revenue from PLNG2’s regasification services under th...

Rating actionMARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. Total outstanding under the programme stood at RM2.1 billion as of October 31, 2022.RationaleMMC’s significant and longstanding competitive strengths through subsidiaries and associates in the ports and logistics, engineering, and energy an...

Rating actionMARC Ratings has affirmed its AA-IS  rating on Malakoff Power Berhad’s (MPower) outstanding RM2.43 billion Sukuk Murabahah. The rating outlook is stable. RationaleWholly owned by Malakoff Corporation Berhad (Malakoff), MPower is the operations and maintenance (O&M) operator of independent power producers (IPPs) which are held through companies that are majority-owned b...

Rating actionMARC Ratings has upgraded Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah programme rating to AAIS from AA-IS. Concurrently, the rating agency has revised the rating outlook to stable from positive.RationaleThe rating upgrade is premised on Northport’s sustained strong profitability metrics, resulting in strong cash flow from operations (CFO) interest and debt coverage r...