Rating action          MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. Rationale         The affirmed rating is driven by the steady periodic payment streams in the form of availability charges (AC) f...

Rating action     MARC Ratings has affirmed its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) and RM2.0 billion existing Perpetual Sukuk programme at A+IS and AIS. The ratings outlook is maintained at negative. As at end-May 2022, the outstanding of the Sukuk Wakalah and Perpetual Sukuk programme stood at RM1.5 billion ...

Rating action     MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes:RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAIS;RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS;RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; andRM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN)...

Rating action     MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. There is no outstanding amount under the programme as at end-July 2022.Rationale     The rating reflects MHB’s conservative balance sheet and strong liquidity position as well a...

Rating action     MARC Ratings has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme, subject to a combined limit of RM500.0 million. The ratings outlook is stable. Rationale     The ratings continue to r...

Rating action     MARC Ratings has affirmed its AA-IS  rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes Programme up to RM5.0 billion (Sukuk Murabahah) with a stable outlook. Rationale     The rating affirmation reflects MRCB’s longstanding track record as a property developer in transit-oriented developments (TOD). The...

Rating action     MARC Ratings has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM60 million Fixed Rate Serial Bonds. The rating outlook has been revised to stable from negative. Rationale     The affirmed rating is driven by the credit strength of AEON Co (M) Berhad (AEON), a 51.7%-owned subsidiary of Japan-based AEON Co Ltd (AEON...

Rating action     MARC Ratings has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme. Rationale     The rating is driven by BDB’s improving business profile in construction and property development, its low-to-moderate leverage position, and adequate liquidity to meet short-te...

Rating action     MARC Ratings has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co Ltd (IGI). The rating is based on Malaysia’s national scale.Rationale     The rating affirmation continues to be driven by IGI’s well-diversified underwriting portfolio across business lines and countrie...

Rating action     MARC Ratings has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co Ltd (IGI). The rating is based on Malaysia’s national scale.Rationale     The rating affirmation continues to be driven by IGI’s well-diversified underwriting portfolio across business lines and countrie...