MARC has affirmed its ratings of A and BBB on special purpose vehicle RCE Advance Sdn Bhd’s (RCEA) outstanding RM5 million Class B and RM10 million Class C notes under the RM420 million Fixed Rate Medium-Term Notes (MTN) Programme respectively. The outlook on the ratings is stable. There is currently no outstanding Class A notes under the programme upon the repayment of RM5 million on November ...

MARC has affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 on Hong Kong-based The Bank of East Asia, Limited (BEA). The outlook on the ratings is stable. The affirmed ratings reflect the bank’s capacity to meet its financial obligations on the Malaysian national rating scale. The ratings incorporate MARC’s expectations of systemic support being extended to ...

MARC has assigned ratings of AAA, AA and B- to Special Coral Sdn Bhd’s (Special Coral) up to RM250 million Senior Class A Medium-Term Notes (MTN) (Class A MTN), RM50 million Senior Class B MTN (Class B MTN) and RM800 million Subordinated Class MTN respectively. The ratings outlook is stable. The Senior and Subordinated Class MTN will be issued from Special Coral’s existing RM1.1 billion M...

MARC has affirmed its AAA(bg) rating on Boustead Holdings Berhad’s (Boustead) RM1.0 billion Bank-Guaranteed Medium-Term Notes (BG MTN) programme with a stable outlook. The rating reflects the credit strength of the syndicated bank guarantee facility provided by OCBC Bank (Malaysia) Berhad (OCBC Malaysia), Public Bank Berhad (Public Bank), Malayan Banking Berhad (Maybank) and The Bank of East As...

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

MARC has affirmed its insurer financial strength rating of AA- on Luxembourg-based FWU Life Insurance Lux S.A. (FWU Life) (formerly known as Atlanticlux Lebensversicherung S.A.). The outlook on the rating has been revised to stable from developing. The outlook revision follows the merger cancellation between FWU Life and Skandia Lebensversicherung AG (Skandia Austria). The parent company, FW...

MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) outstanding RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The outlook for the ratings is stable. The affirmed ratings reflect the unconditional and irrevocabl...

MARC has affirmed its ratings of MARC-1IS/AAAIS and AAIS on Sime Darby Berhad’s (Sime Darby) Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programme with a combined limit of RM4.5 billion and Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion respectively. The two-notch rating differential between the Perpetual Sukuk and IMTN is in line with MARC’...

MARC has removed the ratings on WCT Holdings Berhad’s (WCT Holdings) RM1.0 billion MTN Programme and RM1.5 billion Sukuk Murabahah Programme from MARCWatch Developing. The ratings were placed on MARCWatch Developing on November 4, 2016 to enable the rating agency to reassess WCT Holdings’ business plan and the impact on its credit metrics following a major change in shareholders after the gro...

MARC has affirmed the rating of AAAIS on TNB Western Energy Berhad’s (TNB Western Energy) Islamic Sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding conduit of TNB Manjung Five Sdn Bhd (TNB Manjung Five), the project company for the construction of the 1,000-megawatt (MW) ultra-supercritical (USC) coal-fired power plant under a 25-year power purchase agre...