MARC has affirmed its AAA and AAAID ratings on The Export-Import Bank of Korea’s (KEXIM) conventional and Islamic Medium Term Notes Programmes with a combined nominal value of RM3.0 billion. The outlook on the ratings is stable. The ratings reflect KEXIM’s public policy role in supporting the Republic of Korea’s (South Korea) export and import industries, its strong standalone fi...

MARC has assigned its AA-/MARC-1 financial institution ratings on Hong Leong Investment Bank Berhad (HLIB) with a stable outlook. HLIB’s standalone credit profile is commensurate with A+/MARC-1 ratings, reflecting its emerging position as a mid-tier investment bank with established stockbroking operations, good profitability and its potential to leverage on broader Hong Leong Group relations...

MARC has assigned its MARC-1ID/MARC-1 ratings to Bank Pembangunan Malaysia Berhad’s (BPMB) proposed Islamic Commercial Papers and/or Conventional Commercial Papers pursuant to the Commercial Papers Programme of up to RM2.0 billion in nominal value. At the same time, MARC has also affirmed BPMB’s financial institution rating of AAA. The rating outlook is stable. The ratings reflect BPMB...

MARC has assigned long-term and short-term financial institution ratings of AAA/MARC-1 to Maybank Islamic Berhad (Maybank Islamic). At the same, MARC has also assigned a AA+IS rating to Maybank Islamic’s Islamic Subordinated Sukuk issuance of RM1.0 billion in nominal value. The outlook on the ratings is stable. Maybank Islamic’s financial institution ratings are equalised with its pare...

MARC has assigned its long-term and short-term financial institution ratings of AAA/MARC-1 to Malayan Banking Berhad (Maybank). The ratings reflect Maybank’s entrenched market position as the largest commercial bank in Malaysia, strong financial profile with adequate capitalisation and liquidity, improving asset quality and resilient recurring earnings stream from its geographically diversif...

The report has been updated from the original report issued on March 2, 2011. The key amendments is the organisational details of Salama Group in page 5. MARC has assigned an insurer financial strength rating of AA to BEST RE (L) Limited and BEST RE Family (L) Limited (collectively referred to as the BEST RE Group) on Malaysia’s national rating scale. The companies were set up when the origi...

MARC has affirmed its ratings of A+, A and BBB+ on outstanding Class A, B and C notes issued by RCE Advance Sdn Bhd (RCEA) under its RM420 million Fixed Rate Medium Term Notes Programme. The ratings affect RM115 million of outstanding notes under Class A, RM105 million under Class B and RM60 million under Class C. The ratings outlook has been revised to negative from stable.RCEA is a special purpo...

MARC has affirmed its AA+ rating on State Bank of India’s (SBI) Senior Unsecured Bonds of RM500 million. The rating reflects SBI’s very high systemic importance as the largest bank in India, its robust market franchise, stable income generation and strong liquidity position. The rating also incorporates SBI’s ownership structure and the likelihood of external support from its maj...

MARC has affirmed its AA-IS rating on MNRB Holdings Berhad's (MNRB) RM200 million Islamic Medium Term Notes (IMTN) with a negative outlook. The negative outlook reflects MNRB's weak company-level cash flow coverages and liquidity in addition to the high level of double leverage at the investment holding company level. Dividends received to interest paid coverage at the holding company declined bel...

MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC). The rating is underpinned by the high likelihood of government support, in view of CGC’s public policy role in providing credit access to small- to medium-sized enterprises (SME) and the majority shareholding by Bank Negara Malaysia (BNM). The rating also takes into account the corporation’s ...