Rating action     MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s (Sinar Kamiri) RM245.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The rating outlook is stable. Sinar Kamiri is a special purpose project company that owns and operates a 49.0MWac solar power plant (SPP) in Sungai Siput, Perak.Rationale     The rating affirm...

Rating Action     MARC has assigned ratings of MARC-1IS/A+IS to Serba Dinamik Holdings Berhad’s (Serba Dinamik) RM500.0 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (collectively, sukuk programmes) with a combined limit of RM1.5 billion. The ratings outlook is stable.Rationale     The assigned ratin...

Rating action     MARC has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM). The ratings outlook is stable.Rationale     The affirmed FI ratings on CCBM incorporate the bank’s healthy metrics as reflected by improving profitability, continued high provisioning level with very stron...

Rating action     MARC has affirmed the financial institution (FI) rating of AAA on The Export-Import Bank of Korea (KEXIM) and the issue rating of AAA on its Medium-Term Notes programme of RM1.0 billion which is due to mature in February 2022. The FI and issue ratings are based on the domestic rating scale. The outlook on the ratings is stable.Rationale     The FI ra...

Global Markets     Yields in government bonds across the US and the UK continued to surge in March amid continued progress in vaccine rollouts and massive stimulus plans. Both the Fed and the BoE left their key policy rates and pace of bond purchases unchanged. Yields on both the 10y UST and 10y UK gilt were up by 63bps and 4bps to 1.74% and 0.93% (Feb: 1.11% and 0.89%). In contrast...

Rating action     MARC has affirmed its BBB-IS rating for Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) and revised the outlook to negative from stable.Rationale     SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and De...

Rating action     MARC has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable.Rationale     The affirmed ratings refle...

Rationale     MARC has affirmed the People’s Republic of China’s (“China”) foreign currency sovereign rating at AAA with a stable outlook based on its national rating scale.  The AAA rating reflects several credit strengths, including a large and well-diversified, resilient economy. Thanks to an effective stimulus package, China’s quarterly recovery was quick and it m...

Rating action     MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under its Sukuk Murabahah programme of up to RM1.0 billion. The ratings outlook remains stable.Rationale     The affirmed ratings are driven by UEM Edgenta’s strong business and financial profile from long-...

Rating action     MARC has assigned final ratings of MARC-1IS /AAIS to Cellco Capital Bhd’s (Cellco) proposed RM520 million issuance (Issue 1) under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable.Rationale     Cellco is a special-purpose entity set up to rai...