MARC has affirmed its long-term and short-term financial institution (FI) ratings of AA- and MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook.The ratings are mainly driven by KAF IB’s low-risk business model and its strong liquidity and capitalisation levels that are underpinned by a conservative investment strategy. Moderating the rating is the susceptibility of bank’s perf...

MARC has assigned ratings of AAAIS / MARC-1IS to Gas Malaysia Distribution Sdn Bhd’s (GMD) proposed Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion (both referred to as sukuk programmes). The ratings outlook is stable.GMD is a wholly-owned subsidiary of Gas Malaysia Berhad and was established as part of a ...

MARC has affirmed TSH Sukuk Ijarah Sdn Bhd’s RM300 million Sukuk Ijarah Medium-Term Notes (Sukuk Ijarah IMTN) programme rating of A+IS. The rating outlook is stable. The total notes outstanding as at end-April 2020 are RM275.0 million under the Sukuk Ijarah IMTN programme and RM150.0 million under the Sukuk Murabahah IMTN programme.MARC’s assessment reflects the credit profile of TSH Resources...

MARC has affirmed TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium Term Notes (Sukuk Murabahah IMTN) programme rating of A+IS and concurrently upgraded its RM50 million Sukuk Murabahah Commercial Papers (Sukuk Murabahah ICP) programme rating to MARC-1IS from MARC-2IS. The ratings outlook is stable. The total notes outstanding as at end-April 2020 are RM150.0 million under the Sukuk Murabahah I...

Sabah, the second-largest state by land area and the third most populous, accounts for 6.2% of national GDP. Blessed with an abundance of resources, the economy has been mainly driven by the agriculture, oil and gas (O&G) and tourism sectors. Nevertheless, Sabah has in recent years pledged to focus on economic diversification strategies to ensure more sustainable and equitable development. The...

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)     ...

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

Global Markets     In the US, PCE eased for the third consecutive month in May due to the continuing decline in purchases of durable and non-durable goods. In contrast, US retail sales rebounded in June after posting a decline for three consecutive months since March. In Europe, GDP projections were downgraded to -8.7% in 2020 and 6.1% in 2021 as the lifting of lockdown measures in ...

MARC has affirmed the Republic of Singapore’s (Singapore) foreign currency sovereign rating of AAA with a stable outlook based on its national rating scale.  The AAA rating reflects a number of strengths, including its dynamic and competitive economy which has the highest GDP per capita in the region. Singapore’s success as a global business and financial hub is underpinned by its sound m...

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 project...