MARC has affirmed its AAIS  rating on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable.Fortune Premiere’s rating reflects the credit strength of its parent company IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable corporate guarantee on the issuance. IO...

MARC has assigned a rating of AA-IS to special-purpose vehicle SHC Capital Sdn Bhd’s (SHC Capital) RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah). The rating outlook is stable. There are no expectations of further drawdown in the medium term. Any further drawdown, however, will require a re-assessment on the rating. SHC Capital is a 100%-owned subs...

Global Markets     USTs were in demand in November despite several COVID-19 vaccine breakthroughs and Joe Biden’s US presidential election victory. Demand was buoyed by uncertainty surrounding the ongoing US fiscal stimulus deadlock and additional stimulus by the Fed. In Europe, peripheral government bond yields (Spain, Portugal, Italy and Greece) fell while yields in France and G...

MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook. As at end-June 2020, the amount outstanding under the rated programme was RM3.34 billion.MPower is the operations and maintenance (O&M) operator of its parent company Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic independent power producers (IPP). T...

MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The outlook on the ratings is stable.The ratings affirmation is mainly driven by Northport’s established position in providing container and conventional cargo handling services through North Port and Southpoint in ...

MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion with a stable outlook. The rated programme has no outstanding and will expire in March 2021.The ratings incorporate PDB’s strong domestic market position in trading petroleum products, its strong liquidity and con...

MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook.The rating reflects the credit strength of the issuer’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking in the form of cash deficiency support to top up any shortfall in the finance service reserve ac...

MARC has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook.ACSB is a wholly-owned subsidiary of Ahmad Zaki Resources Berhad (AZRB) and was set-up for the sole purpose of subscribing to the Redeemable Convertible Preference Shares (RCPS-i) issued by sister company Peninsular Medical Sdn Bhd (PMS...

MARC has affirmed its ratings on Alpha Circle Sdn Bhd’s RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at AA-IS and AIS. The ratings outlook has been revised to negative from stable. The current outstanding of senior sukuk is RM160 million and junior sukuk is RM55 million.Alpha Circle is the funding vehicle of NERS Sdn Bhd, the contractor for the 12-year governmen...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme ending in 2032. The rating carries a stable outlook. Sports Toto’s ability to generate healthy cash flow as a number forecast operator (NFO) in the domestic gaming sector, its lengthy track record and its entrenched market position in the oligopolis...