MARC has assigned a final rating of AA+IS with a stable outlook to Sime Darby Property Berhad's (SD Property) Islamic Medium-Term Notes programme of RM4.5 billion under the Shariah principle of Musharakah (Sukuk Musharakah Programme). The 30-year Sukuk Musharakah programme expiring in 2039 had been novated to SD Property from Sime Darby Berhad as part of the restructuring exercise undertaken in 20...

MARC has affirmed its ratings on Sunway Berhad’s issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programmes at MARC-1/AA-. Concurrently, the rating agency also affirmed its ratings on Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/ IMTN) programmes at MA...

MARC has assigned a final rating of A+IS to Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.Sunsuria is a mid-size property developer whose main development is the 375-acre Sunsuria City township in Salak Tinggi, Selangor. Sunsuria remains focused on property development projects within the Klang Valley over the near term.The assigned rating is premised on...

MARC has downgraded MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme rating to BBBIS  from AIS, and its RM150.0 million Junior Bonds to BB from BBB. The ratings remain on MARCWatch Negative.The ratings have been on MARCWatch Negative since May 2020 following insufficient progress with respect to MEX II’s 16.8-km Lebuhraya Putrajaya-KLIA highway project (MEX Extension) sin...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook.The rating reflects MARC’s assessment of a very high likelihood of support for Trans Thailand-Malaysia (TTM), a strategically important project involving two governments from project sponsors, Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (PTT). PETRONAS a...

Global Markets     UST yields surged in a steepening bias in October on hopes of fresh new fiscal stimulus as polls indicated the possibility of a Democrat sweep in the US Presidential Election. Yields were also up on positive US economic data releases over the month. The 10y UST was last quoted at 0.88% (Sep: 0.69%). In the euro zone, government bonds rallied amid continued resurge...

MARC has assigned a final rating of AA-IS with a stable outlook to Guan Chong Berhad’s (GCB) proposed Sukuk Wakalah Programme of up to RM800.0 million. The proposed rating incorporates GCB’s strong market position in the midstream cocoa industry, established operational track record and healthy debt coverage metrics. The rating is constrained by the group’s inherent exposure to fluctuations ...

MARC has affirmed its rating of AA-IS on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah. The rating outlook is revised to stable from negative. The outlook revision is premised on MARC’s assessment regarding its earlier concern that construction delay on Setiawangsa-Pantai Expressway (SPE) would negatively impact DUKE 3’s financial metrics has ...

MARC has affirmed its AAA and MARC-1 ratings on Kinabalu Capital Sdn Bhd’s RM20 million Class A Medium-Term Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The aggregate outstanding nominal value of MTN and CP programmes under Issue 1 is capped at RM220 million. The ratings outlook is stable. As at end-September 2020, the amount outstanding under Issue 1 stood at RM220 millio...

MARC has assigned its final ratings of AAIS /AA to special-purpose vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) proposed Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The assigned ratings apply to ringgit-denominated sukuk/notes issued under the programme. Wholly owned by OSK Holdings Berhad ...