Rating action           MARC Ratings has affirmed its MARC-1IS /AAIS ratings 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-ass...

Rating action          MARC Ratings has assigned a final rating of MARC-1 to CGS-CIMB Securities Sdn Bhd’s (CGS-CIMB) Commercial Papers (CP) Programme of up to RM1.0 billion in nominal value. Concurrently, the rating agency has assigned a non-bank financial institution (NBFI) rating of AA to CGS-CIMB with a stable outlook.RationaleCGS-CIMB’s growing business profi...

Rating action          MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion sukuk programme, with a stable outlook. The outstanding under the programme stood at RM5.5 billion as at September 29, 2023.Rationale The rating reflects the strong cash flow generation capacity of ALR’s portfolio of matured highways in th...

Rating action                  MARC Ratings has affirmed its rating on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme at AA-IS. Concurrently, the rating outlook has been revised to positive from stable. RationaleThe outlook revision reflects Evyap Malaysia’s ability to maintain healthy operating per...

Rating action          MARC Ratings has affirmed its rating of AAAIS(bg)  rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme guaranteed by Bank Pembangunan Malaysia Berhad (BPMB) with a stable outlook. The affirmed rating and outlook are based on MARC Ratings’ assessment of the credit strength of BPMB (AAA/Stable).Ratio...

Rating action           MARC Ratings has affirmed its public information sovereign rating of AAA/Stable on Malaysia, based on its national rating scale. Rationale    The rating reflects the country’s credit strengths, including a competitive and diversified economy that has maintained a relatively steady growth trajectory. For 2023, Malaysia...

Rating action              MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook. The outstanding under the programme is RM435 million as at end-October 2023.Rationale   ACSB is a funding vehicle for Ahmad Zaki Resources Berhad (AZR...

Rating action           MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Islamic Investors Berhad (KIIB). Rationale        The rating reflects KIIB’s well-established investment management process, supported by a prudent risk management framework that is sufficient for its relatively small size. KII...

Rating action           MARC Ratings has affirmed its investment manager rating of IMR-2 on Kenanga Investors Berhad (KIB).      Rationale     The rating primarily reflects KIB’s well-established investment management process, sound risk management practices and strong operating track record. These attributes are tempered by its re...

Rating action           MARC Ratings has affirmed its financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook.      Rationale      The ratings reflect Kenanga’s strong market position and lengthy experience in the domestic stockbroking industry. The ratings further consider ...