Rating action     MARC has assigned a final rating of AA- to 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) proposed RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook.Rationale     The assigned rating mainly reflects 7-Eleven Holdings' strong and established market position in the convenience store segment, gained from a long operating...

Rating action     MARC has assigned a final rating of AAIS to S P Setia Berhad’s (S P Setia) proposed RM3.0 billion Islamic Medium-Term Notes Programme. The rating outlook is stable. Proceeds from the proposed issuance will largely be used to fund capital injections into the group’s joint-venture Battersea Power Station, United Kingdom (Battersea Project) and to refinance earlie...

Rating action     MARC has affirmed its rating of AAA on Inverfin Sdn Bhd’s Tranche A notes under its maximum limit of RM160 million of the Medium-Term Notes (MTN) programme. The rating outlook has been revised to negative from stable.Rationale     The affirmed rating reflects the acceptable loan-to-value (LTV) ratio of Tranche A notes within the benchmark that MARC...

Rating action     MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion, with a stable outlook. MARC has also affirmed its AAAIS(fg)/Stable rating on PLSUKE’s Danajamin-Guaranteed Facilities (Danajamin-Guaranteed Sukuk) of up to RM500.0 million. Danajamin Nasional Berhad (Danajamin) car...

Rating action     MARC has assigned ratings of AAAIS (CG) /MARC-1IS (CG) to funding vehicle F&N Capital Sdn Bhd’s (F&N Capital) Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The ratings outlook is stable. F&N Capital is a wholly-owned subsidiary of Fraser & Neave Holdings Bhd (F&NHB...

Rating action    MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 2 Medium-Term Notes (MTN) of RM130 million Class A, RM25 million Class B and RM15 million Class C. Concurrently, the rating agency has also affirmed its rating of MARC-1 on Kinabalu Capital’s Issue 2 of up to RM170 million Commercial Papers (CP). The ratings outlook is s...

Rating action     MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM90.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and RM350.0 million outstanding guaranteed IMTN at AAAIS(fg). The outlook on the ratings is stable.Rationale     The AAIS rating reflects favourable terms under the Power Purchase Agreement (PPA) which allocate ...

Rating action    MARC has upgraded the rating on Kimanis Power Sdn Bhd's (KPSB) outstanding RM650.0 million Sukuk Programmes (sukuk) to AAIS from AA-IS. The rating outlook is stable. Rationale     The rating upgrade is premised on the consistently strong operational performance of KPSB’s 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay in S...

Rating action      MARC has assigned a final rating of AA-IS with a stable outlook to The Holstein Milk Company Sdn Bhd’s (THMC) RM1.0 billion Sukuk Wakalah Programme. THMC is an integrated dairy farming player with operations ranging from cattle breeding and milk processing in Malaysia and Australia, to distribution of dairy products to consumers, mainly domestically.Rationale&nb...

Global Markets          UST yields eased in April amid renewed demand. Demand for USTs was also supported by Biden’s tax hike proposals, growing US-Russia tension, a sharp rise in global COVID-19 cases, and issues over the Johnson & Johnson vaccine distribution. However, selling pressure re-emerged in the final week. The sell-off was spurred by Biden’s proposa...