MARC has assigned final ratings of MARC-1IS/AA-IS with a stable outlook to Serba Dinamik Holdings Berhad’s (Serba Dinamik) proposed RM500 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (collectively, the Sukuk Wakalah Programmes) with a combined limit of RM1.5 billion. Serba Dinamik is expected to make a first issuance of up to R...

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 million. The ratings outlook is stable. The affirmed ratings are mainly driven by Gas Malaysia’s dominant market position in gas distributorship in Peninsular Malaysia, a strong financial...

MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB). Concurrently, the rating agency affirmed its rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad (Tadamun), a trust established by IsDB. The outlook on the ratings is stable. IsDB’s status as a multilateral development bank (MDB), i...

MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on International General Insurance Co Ltd (IGI). The rating affirmation reflects IGI’s strong capitalisation level and prudent reserving policy as well as proactive underwriting approach that have enabled the insurer to withstand the impact from periodic catastrophic events. Moderating the rating are the i...

MARC has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The outstanding IMTNs under the rated programme stood at RM5.15 billion as at July 31, 2018. The rating is premised on the credit strength of the Malaysian government to meet the sublease rental obligations on 74 developments for the Pol...

MARC has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s national rating scale. The AAA rating reflects Kuwait’s stable economic system that is supported by large oil reserves, ample financial buffers, as well as a strong external balance sheet. Its strengths are, however, tempered by the economy’s dependence on oil a...

MARC has affirmed its ratings of AAAIS and AA+IS on Danajamin Nasional Berhad’s (Danajamin) Senior and Subordinated Sukuk Murabahah of up to RM2.0 billion under its Sukuk Murabahah programme. Concurrently, the rating agency has affirmed its insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin. The outlook on all ratings is stable. The key rati...

MARC has affirmed its short-term rating of MARC-1IS on Titijaya Land Berhad’s (Titijaya) RM150.0 million Islamic Commercial Papers (ICP) Programme with a stable outlook. The outstanding notes under the programme stood at RM50.0 million as at end-July 2018. The rating incorporates Titijaya’s fairly established property development track record with a primary focus on the more resilient me...

MARC has affirmed Malayan Banking Berhad’s (Maybank) financial institution (FI) ratings at AAA/MARC-1 and its RM10.0 billion Senior Medium-Term Notes (MTN) programme at AAA. The FI and issue ratings are based on a national rating scale. MARC has also assigned an intrinsic credit strength rating (ICSR) of A-ND to the bank. The ICSR is based on an international rating scale and is premised o...

MARC has placed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) sukuk rating on MARCWatch Developing. The MARCWatch placement follows the increased near-term uncertainty pending full clarity on the new government’s exact plans to deliver pre-election commitments on the scrapping of toll road charges. MARC will seek to resolve the MARCWatch Developing status once there is more clarity regarding the...