Rating action MARC Ratings has affirmed Kuwait Finance House (Malaysia) Berhad’s (KFH Malaysia) long-term and short-term financial institution (FI) ratings of AA+/MARC-1. The ratings outlook is stable. RationaleThe long-term FI rating of KFH Malaysia is notched down from its parent Kuwait Finance House KSC’s (KFH) FI rating based on the explicit intent of support extended to the subs...

Rating action     MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) rating for its RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. As of June 13, 2022, outstanding balance of the sukuk stood at RM90.0 million. Rationale     The affirmed rating reflects Grand Sepadu’s stable performance, underpinned by resilient commer...

Rating action MARC Ratings has downgraded its rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) to B+IS from BBIS and maintained the outlook at negative.RationaleSDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting ...

Rating action     MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable.Rationale     The affirmed rating reflects Yinson group’s established position in the floating, production, storage and offloading vessels (FPSOs) business segment, as well as its earnings vi...

Global Markets          The Fed raised the FFR by 50bps in May, the biggest increase in 22 years, to tame the 40-year high inflation rate. The short-end till belly of the UST yields closed lower in May in the range of 4bps to 17bps. The Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) rate, edged lower at 6.3% in April (Mar: 6.6%). Euro A...

Rating actionMARC Ratings has upgraded Bank Muamalat Malaysia Berhad’s (Bank Muamalat) financial institution (FI) ratings to A+/MARC-1 from A/MARC-1 and concurrently upgraded the rating on the bank’s Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion to A+IS. The ratings outlook is stable. RationaleThe ratings upgrade is premised on Bank Muamalat’s continued improvemen...

Rating action MARC Ratings has affirmed its 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) at AA-IS and A-. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk in regard to sec...

Rating action     MARC Ratings has affirmed its rating of AAA on Inverfin Sdn Bhd’s outstanding RM160 million Tranche A notes under the Medium-Term Notes (MTN) programme. The rating outlook has been revised to stable from negative.Rationale     The rating affirmation is based on the loan-to-value (LTV) ratio of the Tranche A notes of 41.9% that is within the benchma...

Rating action     MARC Ratings has affirmed its rating on national mortgage corporation Cagamas Berhad’s bonds and sukuk issuances as follows:MARC-1/MARC-1IS on Conventional and Islamic Commercial Papers (CP/ICP) programmeswith a combined aggregate limit of RM20.0 billionAAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmesof up to RM60.0 billionRationale&n...

Rationale     MARC Ratings has affirmed its public information local currency sovereign rating of AAA/stable on Malaysia, based on its national sovereign rating scale.  Under this rating scale, the sovereign state of Malaysia carries the lowest relative risk for reasons that include its authority to tax and set interest rates.The rating reflects the country’s credit strengths...