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 remains negative. The affirmed ratings primarily consider the improvement in the volume of work permits issued for foreign workers with the uptrend reflecting moderate success of the government programme to rehire/l...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk). Concurrently, the rating outlook has been revised to stable from negative. PLUS is the toll concessionaire of five major highways in Malaysia, of which the 772-km North-South Expressway (NSE) is its key highway in terms of revenue generation. The outlook revi...

MARC has assigned a foreign currency sovereign rating of AAA to the People’s Republic of China (China) with a stable outlook based on its national rating scale. The AAA rating reflects the strength of China’s large resilient economy, robust external position and the government’s reform agenda. Its rating strengths are, however, tempered by its highly leveraged non-financial corporate secto...

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 affirmed ra...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s RM420.0 million sukuk. Concurrently, the rating outlook has been revised to stable from negative. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway. The rating affirmation incorporates Cheras-Kajang Highway’s steady traffic performance that remains suppo...

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 in regard to security ranking and payment ...

MARC has assigned ratings of MARC-1IS(cg)/AA-IS(cg) to Sunway Treasury Sukuk Sdn Bhd’s (STSSB) RM10.0 billion Sukuk Programme with a stable outlook. STSSB’s Sukuk Programme will carry an Al-Khafalah guarantee from Sunway Berhad (Sunway). The new Sukuk Programme is expected to replace STSSB’s existing RM2.0 billion Sukuk Programme which MARC had affirmed at MARC-1IS(cg)/AA-IS(cg) on Nove...

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). The outlook on the ratings is stable. The ICP/IMTN programmes each has a programme limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. The ratings affirmation incorporates UEM Sunrise’s lon...

MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion. The outlook on the ratings is stable. The ratings affirmation reflects PDB’s strong financial metrics, characterised by its sound liquidity and strong leverage position. PDB’s ratings also incorporate hi...

MARC has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable.   MISC is a key subsidiary of the national oil company Petroliam Nasional Berhad (PETRONAS). The affirmed rating benefits from a rating uplift from PETRONAS based on th...