Rating action     MARC has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook. Rationale      The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, the quantum of which is deemed...

Rating action     MARC has affirmed its AAA and MARC-1 ratings with a stable outlook on Kinabalu Capital Sdn Bhd’s outstanding RM20 million Class A Medium-Term Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The outstanding issuances will mature on December 22, 2021 and are in the process of being refinanced.Rationale     The affirmed rating...

Rating action     MARC has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s (SHC Capital) RM80.0 million sukuk issued under its RM200 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The rating outlook is stable. There are no expectations of further drawdowns in the medium term. Any further drawdowns will require a re-assessment from MARC.Rationale     ...

Global Markets     In September, the Fed set the stage for swifter rate hikes and commencement of its tapering plan. The Fed’s strong hawkish signal has roiled global bond markets. Investors were also gripped by mounting fears over the inflation outlook. In contrast with other major central banks, the ECB maintained its dovish stance on interest rates in September. In the UK, the ...

Rating action     MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating at AAA and the sukuk rating on TNB’s outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Islamic Financing Bonds (sukuk) at AAAIS. The rating carry a stable outlook. The sukuk matures on December 13, 2021. Rationale     The affirmed ratings are driven by TNB’s credit strength ste...

Rating action     MARC has affirmed its rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah at AA-IS with a stable outlook. Rationale     The rating incorporates the adequately structured sukuk repayment profile that accommodates the traffic ramp-up of the 32-km Setiawangsa-Pantai Expressway (SPE) that DUKE 3 is c...

Rating action     MARC has affirmed its AA- and AA-IS ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme and RM1.5 billion Sukuk Murabahah (Sukuk) Programme. Concurrently the rating agency affirmed its AIS rating on the RM1.0 billion Perpetual Sukuk Musharakah Programme. All ratings carry a stable outlook. Rationale     The ratings...

Rating action     MARC has downgraded its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) facility to A+ from AA-. The rating outlook is maintained at negative. The rating benefits from a single notch uplift based on the undertaking from parent WCT Holdings Berhad (WCT) (AA-/Stable) to provide liquidity support.Rationale     Segi ...

Rating action     MARC has assigned a final rating of AAAIS to Bank Pertanian Malaysia Berhad’s (Agrobank) RM1.0 billion  Islamic Medium-Term Notes Programme (IMTN programme). Concurrently, the rating agency has assigned its financial institution (FI) rating of AAA to Agrobank. The ratings outlook is stable.Rationale     The FI rating reflects Agrobank’s stat...

Rating action     MARC has affirmed its ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) at AA-IS and A-. The ratings outlook has been revised to negative from stable. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflec...