MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1/Stable. CIMB Islamic’s FI ratings are equalised to parent CIMB Bank Berhad (AAA/Stable), based on its strategic importance in Islamic banking, its shared branding and close operational integration within the group. The rating agency has concurrently affirmed the ratings on CIMB Islamicâ...

Global Markets     In the US, GDP had contracted by 9.5% y-o-y in 2Q2020, the deepest decline recorded. This was mainly due to the sharp contraction in consumer spending as a result of the US government lockdown. On the monetary front, the Fed left its FFR unchanged and affirmed its dovish stance. The euro zone’s GDP also contracted in 2Q2020 by 15.0% y-o-y which exceeded the USâ€...

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 reflect the credit strength of Danajamin Nasional Berhad (Danajamin) which has provided unconditional and irrevocable financial guarantee insurance on the programme. MARC maintains an insurer financial strength rating of...

MARC has affirmed its ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme at AA- and its RM1.5 billion Sukuk Murabahah (Sukuk) Programme at AA-IS. The rating agency has also affirmed its rating on the RM1.0 billion Perpetual Sukuk Musharakah Programme at AIS. The outlook for all ratings is stable.The affirmed MTN and Sukuk programme ratings consider WCT Holdings’ s...

MARC has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. Currently, there is no outstanding amount under the programme.The affirmed rating continues to benefit from rating uplift on MARC’s expectation of strong parental support from Petroliam Nasional Berhad (PETRONAS) based on the operational and financial integration be...

MARC has affirmed its rating of AA-IS on toll road concessionaire Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) RM210 million Sukuk Murabahah. The rating outlook has been revised to stable from negative.The government has been honouring its compensation obligations, albeit  with some delays, bringing greater visibility and stability to cash flow.  MARC had previously placed the rating on ...

MARC has affirmed its ratings of A+IS and A-IS on DRB-HICOM’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. The ratings outlook has been revised to stable from positive.The affirmed senior sukuk rating is underpinned by our view that DRB-HICOM is better placed to withstand the impact from the COVID-19 pandemic on its fairly diverse busine...

MARC has assigned a final rating of AA-IS to Malaysian Resources Corporation Berhad’s (MRCB) proposed Islamic Medium-Term Notes Programme of up to RM5.0 billion (Sukuk Murabahah) with a stable outlook.The assigned rating incorporates MRCB’s established market position in property development, particularly in transit-oriented developments (TOD), that has benefitted from the support extended by ...

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 robust fiscal and external buffers.  Its credit strengths are, however, tempered by its heavy reliance on oil, as well as weak governance and institutions. The stable outlook is based on MARC’s expectation o...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah. The rating outlook has been revised to negative from stable.KEV owns and operates the Kapar Power Station (KPS), which consists of three generating facilities with a combined nominal capacity of 2,200MW. KEV’s fourth generating facility was decommissioned at end-2019. The affirmed rating ben...