Rating action           MARC Ratings has downgraded its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk programme to AIS and A-IS from A+IS and AIS. The outstanding under the Sukuk Wakalah and Perpetual Sukuk programme currently stands at RM1.5 billion and RM648.0 mi...

Rating action     MARC Ratings has assigned ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes and Commercial Papers programmes with a stable outlook. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guaran...

Rating action     MARC Ratings has affirmed its rating of AA-IS on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. The outstanding under the rated programme stood at RM200.0 million as of March 30, 2023.     Rationale     Farm Fresh re...

Rating action     MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The outlook on both ratings is stable. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated...

Rating action          MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM200.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The outlook on the rating is stable. RationaleThe performance of Sinar Kamiri’s 49MWac solar power plant remained within expectations in 2022. Electricity generation was margi...

Rating action            MARC Ratings has assigned ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes with a stable outlook. RationaleThe assigned ratings are primarily driven by the strength of Alam Flora’s long-term concession agreement (CA) with the Governme...

Rating action         MARC Ratings has affirmed its rating of AAAIS on Cagamas MBS Berhad’s RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. RationaleThe rating incorporates CMBS 2007-1-i’s strong credit enhancement level of 329.0% as at the reporting date of November 29, 2022, based on the outstanding principal of no...

Rating action              MARC Ratings has affirmed its rating of AAA on Cagamas MBS Berhad’s RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook. RationaleThe rating incorporates CMBS 2005-2’s very high accumulated cash and permitted investments of RM926.4 million as at the reporting date of December 12, 2022...

Rating action     MARC Ratings has affirmed its rating of AAA on Cagamas MBS Berhad’s RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook.     Rationale     The rating incorporates CMBS 2007-2’s very high accumulated cash and permitted investments of RM597.0 million as at the reporting date of November 22, 2022...

Summary     Global Bond Markets     Global government bonds mostly came under selling pressure in February on the growing possibility of “higher for longer” interest rate policy. This is not surprising given that inflation on both sides of the Atlantic continue to hover more than two times above major central banks’ 2% target. Meanwhile in China, bonds traded ra...