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...

Rating action          MARC Ratings has affirmed its short-term rating of MARC-2IS on Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme. The outstanding under the programme stood at RM30.0 million as of November 15, 2022.RationaleThe rating affirmation incorporates Titijaya’s track record in developing projects in and around...

Rating action         MARC Ratings has affirmed its financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with stable outlook. Rationale   The ratings affirmation is primarily driven by Kenanga’s strong market position and lengthy experience in the domestic stockbroking industry. Apart from this, the ratings also consi...

Rating ActionMARC Ratings has assigned a rating of AAAIS(s) to Projek Lebuhraya Usahasama Berhad’s (PLUS) proposed Islamic Medium-Term Notes Programme of up to RM25.2 billion (IMTN). Concurrently, the rating agency has also affirmed its AAAIS rating on PLUS’ outstanding RM17.2 billion under the Sukuk Musharakah Programme (Sukuk Musharakah). All ratings carry a stable outlook. Of the propo...

Rating action    MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad’s (TCMH) outstanding RM300.0 million sukuk issuance under its RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook is stable. The rating is confined to a RM500.0 million issuance limit and any further drawdown will require a reassessment of the rating...

Rating action        MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM180.0 million Sukuk Wakalah with a stable outlook.Rationale The rating affirmation reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower)(AA-IS/Stable), which has provided an unconditional and irrevocable undertaking t...

Rating action         MARC has assigned ratings of MARC-1IS /AIS on Gabungan AQRS Berhad’s (GBG) RM200 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. RationaleThe ratings incorporate GBG’s moderate construction order book, its low counterparty risk from the largely government-related construction ...

Rating actionMARC Ratings has affirmed its investment management rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB).  RationaleThe rating primarily reflects KIB’s well-established investment processes, sound risk management practices and strong operating track record. These factors are moderated by its relatively small asset size and moderate financial profile.KIB is a wholly-owne...

Rating actionMARC Ratings has affirmed its investment management rating (IMR) of IMR-2 on Kenanga Islamic Investors Berhad (KIIB).  RationaleThe rating reflects KIIB’s well-established investment management process, supported by a prudent risk management framework that is sufficient for its relatively small-sized asset management business. KIIB is a wholly-owned subsidiary of Kena...

SummaryGlobal Bond Markets          Global bonds ended mixed in October. USTs, for example, remained under pressure amid rising expectation of a rate hike. In the UK, on the other hand, gilts recouped most of their previous month’s losses following the mini budget’s U-turn and the appointment of a new prime minister.Malaysian Government Bond Market    &n...