Rating action          MARC Ratings has assigned final ratings of MARC-1IS/AA-IS  to Malakoff Power Berhad’s (MPower) proposed Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programmes of up to RM1.2 billion. The outlook on the IMTN programme is stable. Concurrently, the rating agency has also affirmed its AA-IS rating on MPower’s outstanding ...

Rating action          MARC Ratings has affirmed its ratings on Trusmadi Capital Sdn Bhd’s Issue 1 RM235 million Class A, RM40 million Class B and RM25 million Class C Medium-Term Notes (MTN) at AAA, AA, and A. The rating agency has also affirmed its MARC-1 rating on Trusmadi Capital’s Issue 1 RM300 million Commercial Papers (CP). The MTN and CP are subject to a c...

Rating action              MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion. The total outstanding under the programme stood at RM1.47 billion as at end-May 2024. Aman has informed that it will undertake an early full redemption of the total outstanding sukuk by...

Rating action          MARC Ratings has affirmed its ratings on Sunway Group’s programmes as follows:Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programme at MARC-1/AA-Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme at AISSunway Treasury Sukuk Sdn Bhd’s RM10.0 billion Islamic Medium-Term Notes (IMTN) Programme at AA-IS; a...

Summary          Recent economic data for Malaysia has been positive, pointing to a firm start for the economy in 2Q2024. Wholesale & retail trade was resilient, with growth accelerating to 7.5% in April (1Q2024: 2.3%), consistent with the higher domestic-oriented production growth for the month. On the external sector, Malaysia’s exports posted strong growth of...

Summary          Global economic growth is expected to sustain a moderate level in 2024. Growth forecasts for advanced European economies remain relatively stable despite lingering weaknesses. The strength of the US economy may moderate the pace of policy rate cuts, potentially leading to a less synchronised global monetary policy easing, as some central banks in Euro...

Rating action          MARC Ratings 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 outlook is stable. As at end-December 2023, the outstanding amount under the programmes stood at RM330.2 mi...

Rating action          MARC Ratings has assigned a short-term rating of MARC-1IS to OCK Group Berhad’s (OCK) Islamic Commercial Papers (ICP) Programme of RM500.0 million in nominal value. The rating agency has concurrently affirmed its AA-IS/Stable rating on OCK’s RM400.0 million Tranche 1 Sukuk Murabahah under its RM700 million Sukuk Murabahah Programme. As of Ju...

Rating action          MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook.RationaleThe long-term FI rating of AA+ is notched down from the AAA FI rating of its parent, China Construction Bank Corporation (CCB), accorded based on publicly available...

Rating action          MARC Ratings has maintained its rating of AA-IS(cg) on Eco World Capital Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme, which has now been upsized to RM3.0 billion from RM1.2 billion. The rating outlook is stable. Eco World Capital is the financing vehicle of parent Eco World Development Group Berhad (EcoWorld) which has provide...