Rationale     MARC has affirmed its foreign currency sovereign rating of AAA/stable on the Republic of Singapore (Singapore) based on its national rating scale.  The AAA rating reflects a number of strengths, including a dynamic and competitive economy. Singapore’s success as a global business and financial hub has been and continues to be underpinned by sound macroeconomic m...

Rating action     MARC has affirmed its AAAIS/MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable.Rationale     The affirmed ratings are mainly driven by GMD’s near-monopoly position in natur...

Rating action     MARC has affirmed its financial institution (FI) ratings of AAA / MARC-1 with a stable outlook on CIMB Bank Berhad. Concurrently, the rating agency has affirmed its ratings on the bank’s existing subordinated debt programmes as follows: RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme affirmed at AA+/StableRM5.0 billion Subordinated Debt...

Rating Action     MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1. The ratings outlook is stable. Concurrently, the rating agency has also affirmed the ratings on CIMB Islamic’s sukuk issuances as follows:RM10.0 billion senior Sukuk Wakalah programme (Sukuk Wakalah) at AAAIS/stableRM5.0 billion Tier 2 Junior Sukuk prog...

Rating action     MARC has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable.The one-notch rating differential between CIMB Group’s long-term corporate credit rating an...

Rating action     MARC has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme.Rationale     The rating incorporates BDB’s competitive strength to undertake public infrastructure and construction contracts in Kedah, its moderate position as a property developer, its low-to-moderate l...

Rating action     MARC has affirmed its insurer financial strength (IFS) rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad (Danajamin). Concurrently, the rating agency has affirmed its ratings of AAAIS and AA+IS on the Senior and Subordinated Sukuk Murabahah of up to RM2.0 billion under its Sukuk Murabahah programme. The ratings outlook is stab...

Rationale     MARC has affirmed its public information local currency sovereign rating of AAA/stable on Malaysia, based on its national sovereign rating scale.  Under this rating scale, the sovereign state of Malaysia carries the lowest relative risk for reasons that include its authority to tax and set interest rates.The rating reflects several credit strengths, including a co...

Rating action     MARC has affirmed Kuwait Finance House (Malaysia) Berhad’s (KFH Malaysia) long-term and short-term financial institution (FI) ratings of AA+/MARC-1 with a stable outlook. The FI ratings are based on the national rating scale.Rationale     The long-term FI rating of KFH Malaysia is notched down from its parent Kuwait Finance House KSC’s (KFH) FI r...

Rating action     MARC has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes Programme of up to RM5.0 billion (Sukuk Murabahah) with a stable outlook. As at end-May 2021, the programme has an outstanding sukuk of RM800 million.Rationale     The affirmed rating reflects MRCB’s well-established market position as ...