MARC has affirmed its rating of AA-IS with a stable outlook on MMC Corporation Berhad’s (MMC) RM1.5 billion Sukuk Murabahah Programme (Sukuk Murabahah). The rating affects the outstanding sukuk of RM1.3 billion issued as at November 30, 2016. The affirmed rating is driven by MMC group’s sizeable business operations and strong competitive position in three key businesses namely port and ...

MARC has affirmed its rating of AA-IS on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook. JEP was established to develop, design, construct and operate a 2x1,000-megawatt (MW) ultra-supercritical coal-fired power plant in Jimah, Negeri Sembilan under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB). As at August 31...

MARC has affirmed its AAA(bg) and AAA(fg) ratings on Premier Merchandise Sdn Bhd’s (Premier Merchandise) RM300 million 7-year Medium-Term Notes (MTN) Programme (Tranche 1) and RM300 million 9-year MTN Programme (Tranche 2) respectively with a stable outlook. Tranche 1 and Tranche 2 are guaranteed by Malayan Banking Berhad (Maybank) and Danajamin Nasional Berhad (Danajamin) respectively, and th...

MARC has assigned long-term ratings of AAA, AA and A to Kinabalu Capital Sdn Bhd’s (Kinabalu Capital) issue of RM220 million Class A, RM40 million Class B and RM20 million Class C medium- term notes (MTN) respectively. Concurrently, the rating agency has assigned a MARC-1 rating to Kinabalu Capital’s issue of up to RM280 million commercial papers (CP). The rated MTN and/or CP issuance are sub...

MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The affirmed rating reflects a three-notch uplift from GDC Putrajaya’s standalone credit profile, which is assessed at AA-. The rating uplift is premised on MARC’s assessment on the strength of paren...

MARC has affirmed its financial institution (FI) ratings of A / MARC-1 on Bank Muamalat Malaysia Berhad (Bank Muamalat) and concurrently affirmed the AIS rating on the Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion. The outlook on the ratings is stable. The rating on Bank Muamalat’s Senior Sukuk issuance is equalised to its FI rating based on the seniority of the ...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million Medium-Term Notes Programme (MTN) with a stable outlook. The rating is primarily driven by Sports Toto’s strong and steady cash flow generation and its entrenched market position in the oligopolistic domestic gaming industry. Constraining rating factors are regulatory risk due to a periodic...

MARC has affirmed its rating of AAAIS(fg) on Symphony Life Berhad’s (Symphony Life) Guaranteed Islamic Medium-Term Notes (IMTN) 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). MARC has an insurer financial strength rating of AAA/stable and long-term/sh...

MARC has affirmed the ratings on Sunway Berhad’s (Sunway) RM2.0 billion 7-year (2013-2020) CP/MTN programme at MARC-1 / AA-. Concurrently, MARC has affirmed the ratings of the RM2.0 billion 7-year (2015-2022) ICP/IMTN sukuk programme issued by Sunway Treasury Sukuk Sdn Bhd (STSSB) at MARC-1IS(cg) /AA-IS(cg). STSSB is a special purpose funding vehicle which is wholly-owned by Sunway, where its s...

MARC has affirmed the rating of AAA(fg) on special purpose vehicle TRIplc Ventures Sdn Bhd’s (TVSB) RM240.0 million Senior Medium-Term Notes (Senior MTN) Programme with a stable outlook. Both the affirmed rating and outlook are premised on the credit strength of an unconditional and irrevocable guarantee provided by Danajamin Nasional Berhad (Danajamin) on the Senior MTN obligations. Danajamin...