Rating action          MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM320.0 million Sukuk Ijarah with a stable outlook. KEV owns and operates the Kapar Power Station (KPS), comprising three generating facilities (GF) with a combined nominal capacity of 2,200MW.Rationale          The aff...

Rating action                 MARC Ratings has upgraded Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme rating to AAIS from AA-IS and accordingly revised the rating outlook to stable from positive.RationaleEvyap Malaysia’s healthy operational and financial performance, and sustained strong credit metrics ...

Rating action          MARC Ratings has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook. Total outstanding under the sukuk as at end-June 2024 is RM420 million.RationaleSAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns 80% of Ranhill SAJ Sdn Bhd, the exclusive provid...

Rating action                  MARC Ratings has assigned a preliminary rating of AA-IS to Power Root Berhad’s proposed RM500.0 million Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable. RationaleThe assigned rating is premised on Power Root’s established position in the instant beverage sector, supported by an extens...

Rating action          MARC Ratings has affirmed Sabah’s sub-sovereign credit rating of AAA with a stable outlook, based on its sub-sovereign rating scale.  Rationale The rating reflects, to a significant extent, Sabah’s natural resource wealth, with the agricultural and mining sectors collectively accounting for 38.5% of the state’s gross domesti...

Rating action          MARC Ratings has affirmed its A+IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding RM172.3 million Green Sustainable and Responsible Investment (SRI) Sukuk. The outlook has been revised to stable from positive. UiTM Solar is a project company incorporated to develop a 50MWac solar power plant in Gambang, Pahang.RationaleThe affir...

Rating action          MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on special purpose funding vehicle SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/Islamic Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. The ratings reflect the credit profile of parent, SkyWorld Development Berhad (SkyWorld), which has e...

Rating action          MARC Ratings has affirmed its ratings on port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme of MARC-1IS and AA-IS, and revised the outlook on the long-term rating to positive from stable. The programmes have a combined aggregate limit of RM1.0 billion and the current...

Rating action          MARC Ratings has assigned a preliminary rating of AAIS to Berapit Mobility Sdn Bhd’s (BMSB) Sustainability Islamic Medium-Term Notes Programme (sukuk programme) of up to RM1.5 billion. The outlook on the rating is stable.          Rationale      The rating reflects the size and predictability of the...

Summary             Malaysia’s gross domestic product (GDP) expanded by 5.9% in 2Q2024, surpassing the advance estimate of 5.8% (1Q2024: 4.2%). The acceleration in household spending and sustained strong double-digit growth in gross fixed capital formation were key drivers. Exports surged by 12.3% in July (June: 1.7%), driven by a broad-based increase in manufa...