MARC has assigned long-term and short term financial institution (FI) ratings of AAA and MARC-1 respectively to the Islamic Development Bank (IsDB). The ratings are on the Malaysian national scale. Concurrently, the rating agency has assigned a rating of AAAIS on the proposed Sukuk Wakalah (Sukuk) issuance of up to RM400 million by Tadamun Services Berhad (Tadamun), a trust established by IsDB. I...

MARC has affirmed Indonesia’s foreign currency sovereign rating of AA- with a stable outlook based on MARC’s national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The rating also serves as a country ceiling for ringgit-denominated debt issued locally by issuers domiciled in Indonesia. Transfer and...

MARC has assigned a rating of AA-IS to toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) proposed RM3.64 billion Sukuk Wakalah with a stable outlook. DUKE 3 was incorporated by Ekovest Berhad (Ekovest) to undertake the design, construction, financing, operations and maintenance of DUKE Phase 3 expressway under a concession agreement with the Malaysian government in January, 2016. The ...

MARC has affirmed the long-term ratings on Special Coral Sdn Bhd’s (Special Coral) RM300.0 million Senior Class and RM800.0 million Subordinated Class Medium-Term Notes (MTN) under the RM1.1 billion MTN Programme. The outlook on the ratings is stable. The list of ratings is shown in the table below.   Tranche size Issued amount Ratin...

MARC has affirmed its insurer financial strength rating of AA+ on Bermuda-based International General Insurance Co. Ltd. (IGI) with a stable outlook. The rating is based on Malaysia’s national rating scale. The rating affirmation reflects mainly IGI’s strong capitalisation level and well-diversified portfolio, underpinned by a prudent underwriting approach. The rating is moderated by IGI’s ...

MARC has affirmed the Republic of Singapore’s foreign currency sovereign rating of AAA with a stable outlook based on its national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The government of Singapore has no debt rated by MARC. The rating also serves as a country ceiling for ringgit-denominated d...

MARC has affirmed Malaysia’s sovereign rating of AAA with a stable outlook based on its national scale. The AAA rating reflects MARC’s opinion on the sovereign’s ability to meet its local currency obligations. It represents the sovereign’s ordinal ranking of creditworthiness within the country and excludes foreign currency transfer and convertibility risks. It is based solely on an analys...

MARC has assigned ratings of MARC-1IS /AA-IS on property developer UEM Sunrise Berhad’s (UEM Sunrise) proposed RM2.0 billion Islamic Commercial Papers Programme and Islamic Medium-Term Notes Programme (ICP/IMTN-2) with a sub-limit of RM500 million for the ICP programme. Concurrently, the rating agency has affirmed its MARC-1IS /AA-IS ratings on UEM Sunrise’s existing RM2.0 billion Islamic ...

MARC has assigned AA-IS and A- ratings to special purpose company MEX II Sdn Bhd’s (MEX II) proposed RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds). The outlook on the ratings is stable. The three-notch rating differential between the Sukuk Murabahah and Junior Bonds reflects the latter’s subordinated position, its deferred pro...

MARC has affirmed its AAAIS rating on tolled road concessionaire Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS holds a portfolio of tolled expressways, of which the 772-km North-South Expressway (NSE) is its key expressway and main contributor to group revenue. The rating incorporates a two-notch rating uplift from P...