MARC has affirmed its AAA rating on Cagamas MBS Berhad’s RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. CMBS 2007-2 is backed by a p...

MARC has assigned a final rating of A+IS to Tropicana Corporation Berhad’s (Tropicana) proposed RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a stable outlook. Proceeds from the issuance under the proposed Sukuk Wakalah will be mainly used to refinance Tropicana’s existing borrowings and to part fund its working capital requirements. The assigned rating refle...

MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 2 Medium-Term Notes (MTN) of RM130 million Class A, RM25 million Class B and RM15 million Class C. Concurrently, the rating agency has also affirmed its MARC-1 rating on Kinabalu Capital’s Issue 2 of up to RM170 million Commercial Papers (CP). The ratings outlook is stable.The ratings affirmation of th...

MARC has assigned ratings of MARC-1/AA- to Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programme. Concurrently, the rating agency has affirmed its existing ratings on Sunway and related company Sunway Treasury Sukuk Sdn Bhd’s issuances. The ratings outlook is stable. The new CP/MTN programme will replace Sunway’s existing RM2.0 billion CP/MTN programme expiring...

MARC has affirmed its rating of AA+IS on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musharakah Programme with a stable outlook. The rating reflects 1) Westports’ strategic location along one of the world’s busiest shipping routes and its favourable cargo-handling facilities; 2) the company’s steady financial performance under long-term concession agreement; 3) strong...

MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme. This rating action follows from the initial rating action in January 2020 which placed PLUS’ sukuk programme on watch. The sukuk programme carried a AAAIS /Stable rating prior to the MARCWatch placement which was precipitated by a government announcemen...

MARC has affirmed the rating of AAA on Inverfin Sdn Bhd’s outstanding RM160 million Tranche A notes under its RM200 million Medium-Term Notes (MTN) programme. The maximum limit of the Tranche A notes is RM160 million. The rating outlook has been revised to stable from negative. The outlook revision reflects the significant improvement in the occupancy level of the collateral property, Menar...

MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under its Sukuk Murabahah programme of up to RM1.0 billion. The ratings outlook is stable. The affirmed ratings reflect UEM Edgenta’s strong business and financial profile, stemming mainly from long-term contracts in its growing regional healthcare ...

MARC has affirmed its rating of AA-IS on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook. JEP was established to develop, design, construct and operate a 2x1,000-megawatt (MW) ultra-supercritical coal-fired power plant in Jimah, Negeri Sembilan under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB). The affirme...

MARC has affirmed its A+IS rating on toll concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The outlook on the rating remains developing. To date, the proposed takeover of the four highway concession assets under Gamuda Berhad including SPRINT is still unresolved. The cut-off date to negotiate and finalise the terms of the d...