Credit Analysis Reports
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MARC has affirmed its ratings on national mortgage corporation Cagamas Berhad’s bonds and sukuk issues as follows: Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion at MARC-1/ MARC-1IS ; and Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion at AAA / AAAIS The outlook on all ratin...


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MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. BEWG is wholly-owned by Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is an associate company of Beijing Enterprises Holding Limited, a state-owned entity of the Beijing municipal government. The rating reflects the unconditional and irrevocab...


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MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM140.0 million outstanding Islamic Medium-Term Notes (IMTN) and RM350.0 million outstanding guaranteed IMTN at AAIS and AAAIS(fg). The outlook on the ratings is stable. RPII owns and operates the 190 MW combined cycle gas turbine (CCGT) Rugading Power Station in Sabah under a 21-year Power Purchase Agreement (PPA) with...


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MARC has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s national rating scale. The rating reflects Kuwait’s stable economic system backed by sizeable hydrocarbon reserves, and robust fiscal and external buffers. Its credit strengths are, however, tempered by its heavy reliance on oil, as well as weak governance and ins...


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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. The outstanding IMTNs under the rated programme stood at RM4.25 billion as at July 31, 2019. The rating is premised on the credit strength of the Malaysian government to meet the sublease rental obligations on 74 developments for the Pol...


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MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power is a 51:49 joint venture between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd (SIPP) and was established to develop a 2x720MW combined cycle gas-fired power plant in Pasir Gudang. The rating affirmation reflects t...


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MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM245.0 million. The rating outlook is stable. Sinar Kamiri is a special purpose project company incorporated to build, own and operate a 49.0MWac solar photovoltaic plant (SPP) in Sungai Siput, Perak. The rating primarily reflects Sinar Kamiri’s healthy ...


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MARC has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC has an insurer financial strength rating of AAA/stable and long-term counterpa...


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MARC has affirmed its AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) Sukuk Murabahah issuance of RM210.0 million. The rating outlook remains negative. The affirmed rating incorporates Grand Sepadu’s adequate cash flow coverage, its moderately leveraged capital structure and the improving traffic on New North Klang Straits Bypass (NNKSB). The negative outlook highlights the co...


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


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