Rating action          MARC Ratings has revised the outlook on Top Glove Corporation Bhd’s (Top Glove) corporate credit rating to negative from stable on concerns that the impact from the continued tough global market conditions for glove manufacturers will weigh on the group’s performance. Concurrently, the rating outlook on the RM3.0 billion Perpetual Sukuk Waka...

Rating ActionMARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. The rating outlook is stable. The programme has an outstanding amount of RM1.6 billion as at end-August 2022.RationaleThe affirmed rating reflects the sizeable and predictable revenue from PLNG2’s regasification services under th...

Rating action        MARC Ratings has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. The outstanding under the programme stood at RM300.0 million as at September 30, 2022.RationaleThe affirmed rating reflects Evyap Malaysia's vertically integrated oleochemical production facil...

Rating action     MARC Ratings has affirmed its AAAIS(fg)  rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Danajamin Nasional Berhad-guaranteed Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on MARC Ratings’ assessment of the credit strength of Danajamin (AAA/Stable) which has provided an unconditional and irrevoc...

Rating action     MARC Ratings has affirmed its AAIS /AA ratings on funding vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an uncondition...

Rating action     MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable. The outstanding amount under the programmes stood at RM331.0 million as at end-July 2022. Ratio...

Rating action     MARC Ratings has affirmed its AA-IS  rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes Programme up to RM5.0 billion (Sukuk Murabahah) with a stable outlook. Rationale     The rating affirmation reflects MRCB’s longstanding track record as a property developer in transit-oriented developments (TOD). The...

Rating action     MARC Ratings has affirmed Top Glove Corporation Bhd's (Top Glove) corporate credit rating at AA+ and concurrently affirmed its wholly-owned TG Excellence Berhad's RM3.0 billion Perpetual Sukuk Wakalah Programme rating at   AA-IS(cg). The ratings outlook is stable. TG Excellence is a wholly-owned special purpose subsidiary of Top Glove. As the perpetual su...

Rating action        MARC has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. RationaleThe rating is premised on Evyap Malaysia’s strong domestic market position in oleochemicals and its broadened customer base for both soap and oleochemical products, which provides earn...

Rating action     MARC has affirmed its AAIS/AA ratings on OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The affirmed ratings apply to ringgit-denominated sukuk/notes issued under the programme. OSKRB is wholly owned by OSK Holdings Berhad (OSK) ...