MARC has affirmed its AA-IS and A- ratings on MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds) respectively. The outlook on the ratings is stable. MEX II has a 33-year toll concession agreement with the Malaysian government to design, construct, operate and maintain a 16.8-km Lebuhraya Putrajaya-KLIA ...

MARC has assigned a rating of AA- to Sports Toto Malaysia Sdn Bhd’s (Sports Toto) proposed RM800.0 million 15-year Medium-Term Notes Programme (MTN-2). Concurrently, the rating agency has affirmed its AA- rating on Sports Toto’s existing RM800.0 million 10-year Medium-Term Notes Programme (MTN-1) which will expire in June 2020. The outlook on the ratings is stable. The drawdowns under MT...

MARC has assigned a final short-term rating of MARC-2IS to Bina Darulaman Berhad’s (BDB) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme. The outlook for the rating is stable. The rating primarily reflects BDB’s moderate business and financial profile, characterised by improving profitability on the back of increased property development activities and a secured road m...

MARC has assigned a corporate credit rating of AAA to Sime Darby Plantation Sdn Bhd (SDP) and concurrently assigned a preliminary rating of AAIS to SDP’s Perpetual Subordinated Sukuk Programme of up to RM3.0 billion (Perpetual Sukuk). The outlook on the ratings is stable. The Perpetual Sukuk is a novation of the existing Perpetual Sukuk of Sime Darby Berhad (Sime Darby), currently the holding c...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. The rating is driven by Westports’ solid financial metrics as reflected by its stable operating margins and strong finance service coverage on the back of commendable operational performance. The rating also benefits from Westport’s strong comp...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook. The bonds programme has an outstanding amount of RM995.0 million as at end-June 2016. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of conve...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook. The bonds programme has an outstanding amount of RM1,140.0 million as at end-August 2016. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of c...

MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The sukuk programme has an outstanding amount of RM810.0 million as at end-September 2016. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation...

MARC has affirmed its rating of AAAIS on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The sukuk programme has an outstanding amount of RM1,255.0 million as at end-October 2016. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securit...

MARC has assigned an investment manager rating of IMR-2 to Kenanga Islamic Investors Berhad (KIIB). The rating reflects KIIB’s well-established investment management process, underpinned by its prudent risk management practice, which are sufficient for its relatively small size in the domestic asset management business. KIIB is a wholly-owned Islamic fund management subsidiary of Kenanga I...