Rating action     MARC has affirmed its financial institution (FI) ratings of A/MARC-1 on Bank Muamalat Malaysia Berhad (Bank Muamalat) and AIS rating on the bank’s Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion. The programme currently has an outstanding amount of RM500 million. The ratings outlook is stable. Rationale     The FI ratings ...

Rating action     MARC has affirmed its rating of MARC-2IS on Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme. The outstanding notes under the programme stood at RM70.0 million as at end-September 2021.Rationale     The rating incorporates Titijaya’s track record in developing projects in and around mature housing areas, a...

Rating action     MARC has affirmed its preliminary AA-IS rating on Sparks Energy 1 Sdn Bhd’s proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Murabahah of up to RM220.0 million. The rating outlook is stable. Rationale     Sparks Energy 1 is a special purpose vehicle incorporated to raise funding to develop two 30MWac solar power plants (...

Global Markets     In October, the Fed signalled that it may begin to taper its bond purchases in November. Investors raised their expectations that the Fed would normalise its policies quicker than expected to contain rising inflation. By end-October, UST yields along the 2y10y curve surged by 3bps to 20bps, reflecting the hawkish outlook. In the EU, surging energy prices, the reco...

Rating action     MARC has affirmed its AA-IS  rating on Malakoff Power Berhad’s (MPower) outstanding RM2.93 billion Sukuk Murabahah. The rating outlook is stable. Rationale     MPower is the operations and maintenance (O&M) operator of its parent Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic independent power producers (IPP). MARC...

Rating action     MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding Sukuk Wakalah of RM235.0 million with a stable outlook.Rationale      The rating affirmation continues to reflect the credit strength of the Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking in...

Rating actionMARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The outlook on the ratings has been revised to positive. RationaleThe outlook revision incorporates the continued improvement in Northport’s credit metrics on the back of substantial growth in its ...

Rating action     MARC has assigned long-term ratings of AAA, AA and A to Trusmadi Capital Sdn Bhd’s issue of RM235 million Class A, RM40 million Class B, and RM25 million Class C Medium-Term Notes (MTN). Concurrently, the rating agency has assigned a MARC-1 rating to Trusmadi Capital’s issue of up to RM300 million Commercial Papers (CP). The rated MTN and/or CP issuances are su...

Rating action     MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. Rationale     The affirmed rating is mainly driven by Sports Toto’s entrenched domestic market position as a number forecast operator (NFO) with the largest number of outlets in ...

Rating action     MARC has assigned preliminary ratings of MARC-1IS /AA-IS to UEM Sunrise Berhad’s proposed 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/I...