Summary          After successfully navigating through an environment of high interest rates to tame inflation in 2023, the global economy is expected to stay resilient amid the anticipated end of monetary tightening. However, challenges remain in the form of the lagged impact of previous rate hikes and the risk of inflation reaccelerating. The tightening cycle i...

Rating action          MARC Ratings has assigned a rating of AA-IS to LBS Bina Group Berhad’s proposed Islamic Medium-Term Notes Programme of up to RM750.0 million. The rating outlook is stable. The planned first issuance under the programme of up to RM200.0 million will be mainly used to refinance existing borrowings.RationaleThe assigned rating is mainly premised ...

Rating action          MARC Ratings has affirmed its rating of AAIS on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable. Fortune Premiere is a funding vehicle of IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable guarantee on the p...

Summary           The latest economic data for Malaysia was rather mixed but largely within expectations. Domestic activities remained stable, as seen in the resilient wholesale & retail trade and stronger domestic-oriented production for October. While exports data remained subdued, petroleum and rubber products rebounded after consecutive months of double-digit ...

Rating action          MARC Ratings has affirmed its AA-IS(cg) rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme guaranteed by KPJ Healthcare Berhad (KPJ). The rating outlook has been revised to positive from stable.      Point Zone is a funding conduit set up by KPJ solely for the purpose of issuing the sukuk. The rating reflects the cr...

Rating action          MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM165.0 million Sukuk Wakalah with a stable outlook.     Rationale      The rating reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower) (AA-IS /Stable), which has provided an unconditional an...

Rating actionMARC Ratings has affirmed its AAAIS  rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah Programme of up to RM10.0 billion with a stable outlook. As at end-November 2023, the outstanding amount under the programme stood at RM3.5 billion.      Rationale      TPGSB is a wholly-owned energy generation arm of Tenaga Nasional Berhad...

Rating action           MARC Ratings has affirmed its rating of A/Stable on Singer (Malaysia) Sdn Bhd’s RM300.0 million Medium-Term Notes (MTN) Programme. The outstanding under the programme as at end-September 2023 stood at RM101.0 million.      RationaleThe affirmed rating reflects Singer’s long and profitable track record in selling and fina...

Rating action            MARC Ratings has affirmed its financial institution rating of AAA with a stable outlook on Credit Guarantee Corporation Malaysia Berhad (CGC).       RationaleThe affirmed rating considers the government’s 78.6% ownership of CGC through Bank Negara Malaysia (BNM), as well as the development financial institution’s (...

Rating action          MARC Ratings has affirmed its AA-IS rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. The outstanding under the rated programme stood at RM300.0 million as of November 12, 2023.        Rationale        Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the ...