Rating action     MARC Ratings has assigned ratings of MARC-1IS /AA-IS to UEM Sunrise Berhad’s Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined nominal value of RM4.0 billion (ICP/IMTN-3). The rating agency has concurrently affirmed the existing ratings of MARC-1IS /AA-IS on its two ICP and IMTN programmes (ICP/IMTN-1 and ICP...

Rating action     MARC Ratings has assigned long-term ratings of AAA, AA and A to Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The outlook on all ratings is stable.Rationale     Kinabalu Capital is a special purpose funding vehicle set up by parent Sentral REIT, a trust that owns ...

Global Markets     The Fed hinted that its asset purchasing activities are likely to halt in March 2022 and future rate hikes are expected to combat surging inflation. 2y10y German Bund yields surged between 9bps and 21bps in January amid spillover effects from the Fed's hawkish hints as expectations for a March policy tightening thickened. UK gilts' yields surged in January amid a ...

Global Markets          The Fed accelerated its asset tapering activity in December 2021 amid rising inflation, leading up to the end of the bond-buying programme by March 2022. Consequently, the UST yields rose between 8bps and 21bps across all maturities. ECB retained its dovish tilts as the central bank maintained its view that the current heated inflation is a pan...

Rating action     MARC has assigned a preliminary 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 incorp...

Rating action     MARC has affirmed its ratings on Berjaya Land Berhad's (BLand) RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia). The ratings of AAA(fg) and AAA(bg) carry a stable outlook. Rationale     The affirmed rat...

Rating action     MARC has affirmed its AA+IS rating with a stable outlook on Sime Darby Property Berhad's (SD Property) Islamic Medium-Term Notes Programme of RM4.5 billion under the Shariah principle of Musharakah (Sukuk Musharakah Programme).Rationale     The key rating drivers are SD Property's well-established position as a township developer and strong sales tra...

Rating action     MARC has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. Rationale     MMC’s significant competitive strengths in the ports and logistics, and engineering segments that have translated to strong earnings generation remain key rating drivers. The group’s performance is...

Rating action     MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under the Sukuk Murabahah Programme of up to RM1.0 billion. The ratings outlook is stable. The outstanding sukuk stood at RM250.0 million as at end-November 2021.Rationale     The affirmed ratings are driven ...

Rating action     MARC has affirmed its AAIS rating on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook has been revised to negative from stable. Fortune Premiere is a funding vehicle for its parent IOI Properties Group Berhad (IOI Properties) which has extended an unconditional and irrevocable guaran...