MARC has affirmed its ratings of AA-IS and A- on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk with regard to security ranking and payment...

 MARC has affirmed its financial institution (FI) ratings of A/MARC-1 on Bank Muamalat Malaysia Berhad (Bank Muamalat) and AIS rating on the bank’s Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion. The rating on Bank Muamalat’s Senior Sukuk programme is equalised to its long-term FI ratings based on the seniority of the sukuk. The ratings outlook is stable.The FI ratin...

MARC has affirmed its ratings on Alpha Circle Sdn Bhd’s RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at AA-IS and AIS. The ratings outlook has been revised to stable from negative.The outlook revision incorporates the improvement in the volume of foreign worker permits issued since conclusion of the government-initiated rehiring programme in June 2018. During th...

MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook.CNSB, a wholly-owned subsidiary of Celcom Axiata Berhad (Celcom), provides network telecommunication services to its parent. In assessing CNSB’s rating, MARC considers the overall credit profile of the Celcom group given the financial and operational linkages wit...

MARC has affirmed its AA- rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes facility (MTN facility). The outlook is revised to stable from negative. Segi Astana’s rating and the outlook mirror its parent WCT Holdings’ senior debt ratings of AA- with stable outlook which was revised from negative on August 28, 2019. This assessment is based on an undertaking from W...

MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook.The affirmed ratings are primarily premised on Kenanga’s strong competitive position in the retail stockbroking business in Malaysia, its healthy capital position, its moderate profitability metrics and adequate funding pr...

MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Sunrise Berhad’s two Islamic Commercial Papers and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2) with a stable outlook. Each of the ICP/IMTN programmes has a limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. UEM Sunrise’s long-term rating benefits from a one-notch uplift for parental ...

MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding vehicle of TNB Manjung Five Sdn Bhd, a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB), which was awarded a 25-year power purchase agreement (PPA) in 2013. The rating and outlook of TNB Western Energy are equalised with TNB’s corp...

MARC has affirmed its AAIS rating on ANIH Berhad's RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032. Its toll concession for Kuala Lumpur-Seremban Expressway (KL-Seremban) ended on May 31, 2018; the impact to ANIH, however, is minimal. The affirmed ...

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 this strategically important, government-to-government Trans Thailand-Malaysia (TTM) project from project sponsors, Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (PTT). P...