Rationale     MARC Ratings has affirmed the People’s Republic of China's (China) foreign currency sovereign rating at AAA with a stable outlook based on its national rating scale.  The AAA rating reflects several credit strengths, including a large, well-diversified and resilient economy. Unlike many other countries, China had avoided an economic contraction during the first ...

Rating action     MARC Ratings has assigned a rating of AA-IS on MMC Port Holdings Sdn Bhd’s (MMC Port) proposed RM1.0 billion Sukuk Murabahah Programme. The rating carries a stable outlook.Rationale     The rating is driven by MMC Port’s very strong competitive position among transhipment port operators regionally and among gateway port operators domestically, as...

Global Markets          UST yield curves flattened in February as the yields priced in sentiment over the rate hikes by the Fed and the Russia-Ukraine geopolitical tension that escalated into a full-blown military conflict. The longer end of Germany’s bund yields mainly were in positive territory in February as the market braced for the unwinding of accommodative mo...

Rating action     MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating at AAIS with a stable outlook. BEWG is a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL) and was set up to undertake water and sewerage projects in Malaysia.Rationale     The rating incorporates the credit strength of the Tere...

Rating action     MARC Ratings has affirmed its rating of AAA on Cagamas MBS Berhad’s (Cagamas MBS) RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook. Rationale     The rating incorporates CMBS 2005-2’s very high accumulated cash and permitted investments of RM769.1 million as at the reporting date of December 13, 2021...

Rating action     MARC Ratings has affirmed its rating of AAAIS on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook.Rationale     The rating incorporates CMBS 2007-1-i’s strong credit enhancement level of 205.3% as at reporting date of November 29, 2021, based on outstanding principal...

Rating action     MARC Ratings has affirmed its rating of AAA on Cagamas MBS Berhad’s (Cagamas MBS) RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook. Rationale     The rating incorporates CMBS 2007-2’s very high accumulated cash and permitted investments of RM759.6 million as at the reporting date of February 22, 2022...

Rating action     MARC Ratings has assigned its financial institution (FI) rating of A+ to MBSB Bank Berhad and a final rating of A+IS to the bank’s Sustainability Sukuk Wakalah programme with a limit of RM5.0 billion. The ratings outlook is stable. Rationale     The assigned FI rating reflects MBSB Bank’s long track record in banking and financing, particula...

Rating action     MARC Ratings has assigned rating of AA-IS(CG)  to Point Zone (M) Sdn Bhd’s (Point Zone) proposed Islamic Medium-Term Notes (IMTN) programme (Sukuk Wakalah Programme) of up to RM3.0 billion. The rating reflects the credit strength of KPJ Healthcare Berhad, the parent of Point Zone, that is providing a corporate guarantee on the proposed programme. The rating ...

Rating action     MARC Ratings has assigned rating of A+IS to YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme of up to RM700 million (Sukuk Wakalah). The rating carries a stable outlook.Rationale     The rating is based on YNH’s lengthy track record in property development, its low inventory level and strong profitability margins. The rating is als...