Rating action           MARC Ratings has affirmed its financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook.      Rationale      The ratings reflect Kenanga’s strong market position and lengthy experience in the domestic stockbroking industry. The ratings further consider ...

Rating action          MARC Ratings has assigned a corporate credit rating of AA- to Orkim Sdn Bhd with a stable outlook.RationaleThe rating reflects Orkim’s leadership position in the domestic clean petroleum product (CPP) tanker market, with an estimated 17% market share by fleet size as of June 2023 , its long track record of steady operating performance and earn...

Rating action            MARC Ratings has revised its ratings outlook on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion to positive from stable. Meanwhile, the ratings have been affirmed at A+IS and A-IS with the two-notch rating differential between the programmes reflecting the subordi...

Rating action          MARC Ratings has upgraded Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme short-term rating to MARC-1IS from MARC-2IS. RationaleThe rating upgrade reflects Titijaya’s stronger long-term credit profile, with improved business profile and healthier balance sheet, characterised by lower leverage an...

Summary           Malaysia posted a firmer gross domestic product (GDP) print of 3.3% in 3Q2023 (2Q2023: 2.9%) in line with the advanced estimate, bolstered by private consumption which grew at a faster pace. The latest October trade data showed some nascent signs of recovery in the external sector, supported by an anticipated recovery in the Chinese economy and globa...

Rating action          MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended ...

Rating action              MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook has been revised to negative from stable.RationaleThe outlook revision is premised on the continued weakening of the group’s business profile that ...

Rating action          MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The outstanding under the programme stood at RM24.9 billion as at end-September 2023. RationaleThe rating incorporates a two-notch rating uplift from PLUS' ...

Rating action          MARC Ratings has downgraded its rating on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) to AIS. Concurrently, the rating outlook has been revised to negative from stable. As at end-October 2023, the total outstanding amount stood at RM323.0 million under the RM700 million Sukuk Wakalah programme.RationaleThe r...

Rating action          MARC Ratings has affirmed its financial institution (FI) rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). The rating agency has concurrently affirmed its AAAIS rating on BPMB’s RM5.0 billion Islamic Medium-Term Notes (IMTN) Programme. The outlook on both ratings is stable. RationaleThe affirmed ratings continue to incorporate MAR...