Rating action     MARC Ratings has affirmed its AAAIS  rating on MISC Berhad’s RM2.5 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. Currently, there is no outstanding amount under the programme, which will expire end-September 2022.Rationale      The rating incorporates MISC’s position as a domestic leader and a key global play...

Rating action     MARC Ratings has assigned a final rating of AA+IS to edotco Malaysia Sdn Bhd’s proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook.Rationale     The assigned rating is primarily driven by edotco Malaysia’s solid market position in the domestic telecommunication (telco) tower industry...

Rating action     MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s (SHC Capital) RM80.0 million sukuk issued under its RM200 million Islamic Medium-Term Notes Programme (Sukuk Wakalah), with a stable outlook. There is no further drawdowns expected in the medium term. Any further drawdowns will require a re-assessment from MARC Ratings.Rationale    &nbs...

Rating action     MARC Ratings has maintained its ratings on Alpha Circle Sdn Bhd’s outstanding RM80 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at BIS and CIS. The senior sukuk’s rating outlook has been maintained at negative. Rationale     The rating actions reflect Alpha Circle’s weak financial position to be able to fully me...

Rating action     MARC Ratings has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook.Rationale     The rating affirmation incorporates PPSB’s strength as the operator of Penang Port, a key trade gateway port in northern Peninsular Malaysia, and its cash flow genera...

Rating action     MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM245.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with large-scale solar projects in Kuala Muda, Kedah. The solar power pl...

Rating action     MARC Ratings has affirmed its rating of AA-IS on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook. Total outstanding under the sukuk as at end-May 2022 is RM520 million.Rationale     SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd. The latter holds an 80% interest in Ranhill SAJ Sdn Bhd, the exclusive provid...

Rating action     MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable. The outstanding amount under the programmes stood at RM331.0 million as at end-July 2022. Ratio...

Malaysian Government Bond Market          The total amount of MGS/GII outstanding shrank in July to RM958.8 billion (June: RM962.3 billion) due to a higher volume of redemption valued at RM19.0 billion (June: none). However, the gross issuance of MGS/GII came marginally higher at RM15.5 billion (June: RM15.0 billion). The increase was driven by the stronger GII issuan...

Rating action     MARC Ratings has affirmed its ratings on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) at AA+IS and RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk) at AA-IS. The ratings outlook is stable. The two-notch rating differential between the two programmes is in line with MARC’s methodology on notchin...