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 that serves as a key commuting link for mature catchment areas along the highway. The affirmed rating primarily reflects Cerah...

MARC has affirmed its ratings on special purpose company Inverfin Sdn Bhd’s (Inverfin) RM200 million Medium-Term Notes (MTN) programme comprising RM185 million Tranche A notes and RM15 million Tranche B notes at AAA and AA respectively. The outlook on the ratings is stable. The current outstanding notes is RM160 million under Tranche A while no notes have been issued under Tranche B. The ...

MARC has affirmed its A+IS and AA-(bg) ratings on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and Bank-Guaranteed Serial Fixed Rate Bonds (BG bonds) respectively. The outlook on the BaIDS has been revised to negative from stable, while the outlook on the BG bonds remains at stable in line with the outlook of the guarantor banks. T...

MARC has affirmed its ratings of AAA on The Export-Import Bank of Korea’s (KEXIM) RM1.0 billion Medium-Term Notes (MTN) programme and AAA/AAAIS on KEXIM’s Conventional and/or Islamic MTN programmes with a combined nominal value of RM3.0 billion. The outlook on the ratings is stable. The ratings are based on the national rating scale. The ratings on KEXIM are equalised to MARC’s foreign...

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 RM500 million. TTM SPV is a funding vehicle for the second phase of the Trans Thailand-Malaysia project (TTM Project Phase II), consisting of two gas pipelines between the Malaysia-Thailand Joint Development Area (JDA) and the industrial...

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. The affirmed rating reflects a three-notch rating uplift from its standalone rating based on MARC’s assessment of significant operational and financial integration with parent Petroliam Nasional Berhad (PETRONAS) on which the rating agenc...

MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme. The outlook is maintained at negative. The continued negative outlook reflects MHB’s weakening profitability metrics due to higher impairment charges and lower contribution from its key heavy engineering unit (HEU) arising from reduced contract flow...

MARC has affirmed its rating of AAA(fg) on Segi Astana Sdn Bhd's (Segi Astana) RM470.0 million Medium-Term Notes (MTN) programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC has an insurer financial strength rating of AAA/stable and long-term count...

MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook. The outstanding sukuk amount is RM4.34 billion. MPower is the operations and maintenance (O&M) operator of the power plants owned by its parent company Malakoff Corporation Berhad (Malakoff). Apart from the O&M revenue, MPower receives interest income and principal...

MARC has affirmed its ratings of MARC-1/ AA on Murud Capital Sdn Bhd’s (Murud Capital) Senior Commercial Papers/Medium-Term Notes Programme (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. Murud Capital is a special purpose vehicle incorporated by MRC...