Rating action          MARC Ratings has affirmed its rating of AAIS on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable. Fortune Premiere is a funding vehicle of IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable guarantee on the p...

Summary           The latest economic data for Malaysia was rather mixed but largely within expectations. Domestic activities remained stable, as seen in the resilient wholesale & retail trade and stronger domestic-oriented production for October. While exports data remained subdued, petroleum and rubber products rebounded after consecutive months of double-digit ...

Rating action          MARC Ratings has affirmed its AA-IS(cg) rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme guaranteed by KPJ Healthcare Berhad (KPJ). The rating outlook has been revised to positive from stable.      Point Zone is a funding conduit set up by KPJ solely for the purpose of issuing the sukuk. The rating reflects the cr...

Rating action          MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM165.0 million Sukuk Wakalah with a stable outlook.     Rationale      The rating reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower) (AA-IS /Stable), which has provided an unconditional an...

Rating actionMARC Ratings has affirmed its AAAIS  rating 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 2023, the outstanding amount under the programme stood at RM3.5 billion.      Rationale      TPGSB is a wholly-owned energy generation arm of Tenaga Nasional Berhad...

Rating action           MARC Ratings has assigned preliminary ratings of MARC-1IS/AA-IS  to Malakoff Power Berhad’s (MPower) proposed Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programmes of up to RM1.2 billion. The outlook on the IMTN programme is stable. Concurrently, the rating agency has also affirmed its AA-IS rating on MPower’s outst...

Rating action           MARC Ratings has affirmed its rating of A/Stable on Singer (Malaysia) Sdn Bhd’s RM300.0 million Medium-Term Notes (MTN) Programme. The outstanding under the programme as at end-September 2023 stood at RM101.0 million.      RationaleThe affirmed rating reflects Singer’s long and profitable track record in selling and fina...

Rating action            MARC Ratings has affirmed its financial institution rating of AAA with a stable outlook on Credit Guarantee Corporation Malaysia Berhad (CGC).       RationaleThe affirmed rating considers the government’s 78.6% ownership of CGC through Bank Negara Malaysia (BNM), as well as the development financial institution’s (...

Rating action          MARC 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 RM300.0 million as of November 12, 2023.        Rationale        Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the ...

Rating action         MARC Ratings has affirmed its financial institution (FI) rating of A+ on MBSB Bank Berhad as well as it’s A+IS rating on the bank’s RM5.0 billion Sustainability Sukuk Wakalah Programme. The ratings outlook is stable.        Rationale      The ratings affirmation reflects MBSB Bank’s sound capitalisati...