MARC has affirmed its AAA and MARC-1 ratings on Kinabalu Capital Sdn Bhd’s RM20 million Class A Medium-Term Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The aggregate outstanding nominal value of MTN and CP programmes under Issue 1 is capped at RM220 million. The outlook remains stable. Kinabalu Capital is wholly owned by MRCB-Quill REIT (MQ REIT), a real estate inve...

MARC has affirmed its ratings of MARC-1IS and AAAIS on Gas Malaysia Berhad’s Islamic Commercial Papers (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700.0 million. The ratings outlook is stable. The outstanding under the MTN programme was RM281 million as at end-September 2019. The ratings affirmation is driven by Gas Malaysia’s dominant ...

MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on International General Insurance Co Ltd (IGI). The rating affirmation is driven by IGI’s healthy capitalisation, sound liquidity profile and a well-diversified underwriting portfolio that has been able to withstand the impact of catastrophic events in 2017. IGI is a specialty insurer with total assets of...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The rating affirmation factors in the favourable terms of KPSB’s 21-year power purchase agreement (PPA) under which the demand risk is allocated to the offtaker Sabah Electricity Sdn Bhd (SESB). Tenaga Nasional Berhad (TNB), which has a MARC rating of AAA/St...

MARC has affirmed the Republic of Korea’s (South Korea) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s national rating scale. The AAA rating reflects South Korea’s steady economic performance, prudent fiscal management and strong external position. Its strengths are, however, tempered by a rapidly ageing population and rising geopolitical risk. The stable ou...

MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding is RM50.0 million BaIDS payable in December 2022. GDC Putrajaya is a wholly-owned subsidiary of Putrajaya Holdings Berhad (PJH) and is the sole supplier of chilled water for al...

MARC has lowered Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme to MARC-2IS from MARC-1IS. The outstanding notes under the programme stood at RM50.0 million as at end-June 2019. The rating action reflects the increased concerns on Titijaya’s business and credit profile arising from the prevailing weak property market. In particular, pressure on ...

MARC has assigned a financial institution (FI) rating of AAA to Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) with a stable outlook. The AAA rating primarily reflects SME Bank’s status as a development financial institution (DFI) that has received support from the government for its mandated role to assist in the growth of small and medium enterprises (SME), a key foc...

MARC has affirmed the ratings of WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme and RM1.5 billion Sukuk Murabahah Programme (sukuk) at AA- and AA-IS. Concurrently, MARC has assigned a final rating of A with a stable outlook to WCT Holdings’ proposed Perpetual Sukuk Musharakah Programme (perpetual sukuk) of up to RM1.0 billion. The rating outlook on the perpetual sukuk i...

MARC has assigned a final rating of AA-IS to special purpose vehicle AZRB Capital Sdn Bhd’s (ACSB) proposed issuance of up to RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook.Wholly owned by Bursa Malaysia-listed Ahmad Zaki Resources Berhad (AZRB), ACSB was set up to issue the proposed Sukuk Murabahah, proceeds of which will be on-lent to parent AZRB which wo...