Rating action     MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook.Rationale     The affirmed rating reflects CMBS 2007-1-i’s strong credit enhancement level of 203.2% as at October 31, 2020 (Quarter 55) based on an outstanding principal of non-defaulted home f...

Rating action     MARC has affirmed its AAA rating on Cagamas MBS Berhad’s RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook.Rationale     The affirmed rating reflects CMBS 2007-2’s very strong credit enhancement level of 324.0% as at August 31, 2020 (Quarter 54) with an outstanding principal of non-defaulted mortgage loans...

Rating action     MARC has affirmed its AAA rating on Cagamas MBS Berhad’s RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook.Rationale       The affirmed rating reflects CMBS 2005-2’s very strong credit enhancement level of 494.2% on CMBS 2005-2 based on an outstanding principal balance of non-defaulted mortgages of RM...

Rating action     MARC has assigned a rating of AAAIS with a stable outlook on Putrajaya Holdings Sdn Bhd (PJH)’s proposed RM1.0 billion 20-year Sukuk Wakalah Programme. Concurrently, the rating agency has affirmed its existing ratings on PJH’s issuances. The outlook for all ratings is stable.The ratings and outlook are premised on the predictable and sizeable rental income from...

Global Markets     From the US to Germany and the UK, yields on govvies ended February with their biggest monthly surge in years amid expectations of a rapid post-pandemic recovery, causing a global bond rout. The move first began in the US as prospects for a huge fiscal boost gained significant momentum. Combined with global central banks’ dovish holds, yield curves have steepene...

Rating action     MARC has affirmed its A+IS rating on Tropicana Corporation Berhad’s (Tropicana) RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a stable outlook. As at end-January 2021, the programme has an outstanding sukuk of RM1.2 billion.Rationale     Tropicana’s established position in the domestic property industry and its moderate f...

Rating action     MARC has upgraded Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk rating to AA-IS from A+IS. The total outstanding sukuk amount stands at RM905.0 million. MARC has concurrently revised the rating outlook to stable from positive.Rationale     The rating upgrade incor...

Rating action     MARC has upgraded Top Glove Corporation Berhad’s (Top Glove) corporate credit rating to AA+ from AA and concurrently affirmed its rating of AA-IS(CG) on special purpose vehicle TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme. The ratings outlook is stable. TG Excellence is a wholly-owned special purpose subsidiary of Top Glove.Rationale&n...

Rating action     MARC has affirmed its AA-IS  rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme). The rating outlook is stable. The rating has considered the increase in PTP’s programme limit to RM2.15 billion from RM1.9 billion.Rationale     The affirmed rating is mainly driven by PTP’s ...

Rating action     MARC has assigned ratings of MARC-1IS and A+IS to George Kent (Malaysia) Berhad’s (George Kent) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium Term Notes (IMTN) Programme subject to a combined limit of RM500.0 million. The ratings outlook is stable. Rationale     The assigned ratings refle...