Rating action    MARC Ratings has affirmed its financial institution (FI) rating of AAA with a stable outlook on Credit Guarantee Corporation Malaysia Berhad (CGC). Rationale   The affirmed rating reflects CGC’s status as a development financial institution (DFI) with an explicit public policy role, underpinned by the support provided by the government through Bank ...

Rating actionMARC Ratings has affirmed its rating of AAAIS  on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah programme of up to RM10.0 billion with a stable outlook. As at end-November 2022, the outstanding amount under the programme stood at RM1.5 billion.RationaleMARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah programme of up to ...

Rating actionMARC Ratings has affirmed its AA-IS rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. The outstanding under the rated programme stood at RM330.0 million as of November 30, 2022. RationaleCerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway. The rating reflects the resilient traffic ...

Rating actionMARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 issued under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Any further drawdown under the programme will require a re-assessment of the ratings. As of date, th...

Rating actionMARC Ratings has affirmed its rating of AA-IS on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook.RationaleMMC Port is an investment holding company of port operators whose strong competitive advantage in transhipment services in the region and trade gateways domestically as well as long operating track record remain key rating drivers. Poten...

Rating action MARC Ratings has affirmed its rating of A+IS on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme of up to RM700 million (Sukuk Wakalah) with a stable outlook. RationaleYNH’s established track record in the domestic property industry, and its low land cost that enables the group to generate healthy profitability margins are key rating drivers. The high market-v...

Rating actionMARC Ratings has affirmed its ratings of AAA, AA, A and MARC-1 on Trusmadi Capital Sdn Bhd’s Issue 1 of RM235 million Class A, RM40 million Class B, and RM25 million Class C Medium-Term Notes (MTN) and RM300 million Commercial Papers (CP). The rated MTN and/or CP issuances are subject to a combined issuance limit of RM300 million. The ratings outlook is stable. As of end-August...

Rating actionMARC Ratings has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. As at end-October 2022, the outstanding amount stood at RM1.15 billion.  Rationale CNSB provides network telecommunications services to Celcom Axiata Berhad (Celcom) group. In assessing CNSB, we have considered the overall credi...

Rating actionMARC Ratings has affirmed its ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme and RM1.5 billion Sukuk Murabahah (Sukuk) Programme at AA- and AA-IS. Concurrently, the rating agency has also affirmed WCT Holdings’ RM1.0 billion Perpetual Sukuk Musharakah Programme rating at AIS. All ratings carry a stable outlook.RationaleThe affirmed ratings mainly ...

Rating action     MARC Ratings has removed UiTM Solar Power Sdn Bhd’s rating from MARCWatch Negative placement and concurrently lowered the rating to A+IS from the AA-IS prior to the MARCWatch placement. The rating outlook is negative. The current outstanding is RM192.3 million Green Sustainable and Responsible Investment (SRI) Sukuk. Rationale  The rating removal from M...