Rating action     MARC Ratings has upgraded TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium-Term Notes (IMTN) Programme rating to AA-IS from A+IS and affirmed its RM50 million Commercial Papers (ICP) Programme rating at MARC-1IS. The ratings outlook is stable.The rating assessment on TSH Sukuk Murabahah is based on the strength of its parent TSH Resources Berhad (TSH) which has...

Rating action     MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) Sukuk Wakalah Programme of up to RM1.0 billion, with a stable outlook.Rationale     The affirmed rating reflects the credit strength of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work compl...

Rating action     MARC Ratings has affirmed Top Glove Corporation Bhd's (Top Glove) corporate credit rating at AA+ and concurrently affirmed its wholly-owned TG Excellence Berhad's RM3.0 billion Perpetual Sukuk Wakalah Programme rating at   AA-IS(cg). The ratings outlook is stable. TG Excellence is a wholly-owned special purpose subsidiary of Top Glove. As the perpetual su...

Rating action     MARC Ratings has affirmed its AAIS rating on S P Setia Berhad’s RM3.0 billion Islamic Medium-Term Notes Programme with a stable outlook. The initial proceeds of RM800 million from the issuance had largely been used to fund capital injections into the group’s joint venture (JV) Battersea Power Station in the United Kingdom (Battersea Project).Rationale  &nb...

Global Markets          The Fed increased the FFR by 25bps in March 2022, the first rate hike since December 2018 to address spiraling inflation. Meanwhile, the market is pencilling in another six rate hikes in 2022 and three more hikes in 2023. The ECB maintained the deposit facility rate at -0.5%, although other major central banks moved ahead with the rates hike. T...

Rating action     MARC Ratings has affirmed its AA-IS rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme). The rating outlook has been revised to positive from stable.Rationale     The outlook revision factors in PTP’s steadily improving credit profile, reflected by stronger cash flow generation t...

Rating action     MARC Ratings has affirmed its rating of AA-IS on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. Rationale     The rating affirmation reflects Farm Fresh’s integrated dairy farming operations, growing sales track record, and ...

Rating action     MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. The total outstanding sukuk stood at RM855.0 million as at end-January 2022. Rationale     The rating affirmation reflects the strength of the p...

Rating action     MARC Ratings has assigned a rating of A+IS to Tan Chong Motor Holdings Berhad’s (TCMH) 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 and any further drawdown will require a reassessment of the rating.Rationale     The assigned rating incorporat...

Rating action     MARC Ratings has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion. The rating outlook is stable. The rating on PLSUKE’s Danajamin-guaranteed Facilities of up to RM500.0 million has also been affirmed at AAAIS(fg)/stable rating on based on long-term counterparty credit rati...