Rating action     MARC has assigned a rating of A+IS to Yinson Holdings Berhad’s (Yinson) RM1.0 billion Islamic Medium-Term Notes Programme. The rating outlook is stable.Rationale     The rating incorporates Yinson group’s strong business profile in providing floating, production, storage and offloading vessels (FPSOs) for the upstream oil and gas (O&G) indust...

Rating action     MARC has affirmed its ratings of A+IS and A-IS on DRB-HICOM’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. The two-notch rating differential between both issuances reflects the subordination of the perpetual sukuk to the senior sukuk in line with MARC’s notching principles on hybrid securities. All rati...

Rating action     MARC has affirmed Bank Pembangunan Malaysia Berhad’s (Bank Pembangunan) financial institution (FI) rating of AAA. Concurrently, the rating agency has also affirmed its rating of AAAIS on the bank’s RM5.0 billion Islamic Medium-Term Notes (IMTN) Programme. The outlook on all ratings is stable. RationaleBank Pembangunan’s status as a wholly government-owne...

Rating action     MARC has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA with a stable outlook. The rating agency has concurrently affirmed its AAIS /Stable rating on SD Plantation’s Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion.Rationale     The affirmed ratings are driven by SD Plantation...

Rating action          MARC has affirmed its MARC-1/AA- ratings on Sunway Berhad’s issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes, and MARC-1IS(cg)/AA-IS(cg) ratings on Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (...

Rating action     MARC has affirmed its rating of AA-IS  on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook.Rationale     The affirmed rating reflects GCB’s strong position in the midstream cocoa supply chain as the largest cocoa grinder in Asia and fourth largest in the world, as well as its strong operational...

Rating action     MARC has lowered its ratings on Alpha Circle Sdn Bhd’s RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah to BBIS and BIS. Concurrently, MARC has removed the rating from MARCWatch Negative but maintained the outlook at negative. The current outstanding of senior sukuk is RM140 million and junior sukuk is RM55 million. Rationale&nb...

Rating action     MARC has affirmed its AAIS/AA ratings on OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The affirmed ratings apply to ringgit-denominated sukuk/notes issued under the programme. OSKRB is wholly owned by OSK Holdings Berhad (OSK) ...

Rating action    MARC has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. Rationale     The affirmed rating continues to factor in PPSB’s strength as the operator of Penang Port, a key trade gateway port in northern Malaysia, in generating steady cash flow ...

Rating action     MARC has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable.Rationale     The affirmed rating is premised on PLNG2’s stable and sizeable revenue generation ability under set tariffs for its regasification services, the low demand ris...