MARC has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s (UEM Sunrise) 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-1 and ICP/IMTN-2 each has a programme limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. UEM Sunrise’s long-term rating inc...

MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme. Concurrently, MARC has revised the rating outlook to stable from negative. Currently, there is no outstanding sukuk under the rated programme. The outlook revision is driven by MHB’s increasing order book and the improving outlook for the oil and ga...

MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s (Kinabalu Capital) Issue 2 medium-term notes (MTN) issue of RM130 million Class A, RM25 million Class B and RM15 million Class C respectively. Concurrently, MARC also affirmed its MARC-1 rating on Kinabalu Capital’s issue of up to RM170 million commercial papers (CP). The issuance of the rated MTN and/or CP...

MARC has affirmed its ratings of MARC-1/AA on Murud Capital Sdn Bhd’s (Murud Capital) Senior Commercial Papers/Medium-Term Notes (Senior CP/MTN) programme of up to RM290 million. The outlook on the ratings is stable. Murud Capital currently has an outstanding RM279 million Senior CP under the Senior CP/MTN programme. The aggregate outstanding nominal value of both the Senior and Junior CP/MTN p...

MARC has affirmed its AAAIS rating on MISC Berhad's (MISC) RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable. Currently, there is no outstanding amount under the IMTN programme. The affirmed rating incorporates rating uplift from MISC’s standalone rating based on MARC’s assessment of MISC’s significant operational and financial integration wi...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. The outstanding sukuk amounts to RM450 million as at February 2018. TTM SPV is a funding vehicle for the second phase of the Trans Thailand-Malaysia (TTM) project, consisting of two gas pipelines between the Malaysia-Thailand Joint Development Area (JDA) and the industr...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concessionaire of the 11.5-kilometre Cheras-Kajang Highway. The rating mainly reflects Cheras-Kajang Highway’s steady traffic performance that supports Cerah Sama’s cash flow generati...

MARC has assigned an intrinsic credit strength rating (ICSR) of BBB+ND to The Export-Import Bank of Korea (KEXIM). The ICSR is based on a non-domestic scale. Concurrently, the rating agency has affirmed KEXIM’s financial institution (FI) rating at AAA and its Medium-Term Notes (MTN) programme of RM1.0 billion and conventional and/or Islamic MTN programmes with a combined nominal value of RM3.0 ...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA and sukuk rating of AAAIS on its outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The ratings outlook is stable. The ratings incorporate a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect MARC’s assessment of a high likelihood of government support premised on the co...

MARC has affirmed its debt ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances as follows: RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS/stable; RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS/stable; RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS/stable; and RM2.2 billion Murabahah Medium-Term Not...