Rating action          MARC Ratings has upgraded Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme short-term rating to MARC-1IS from MARC-2IS. RationaleThe rating upgrade reflects Titijaya’s stronger long-term credit profile, with improved business profile and healthier balance sheet, characterised by lower leverage an...

Rating action          MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended ...

Rating action          MARC Ratings has downgraded its rating on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) to AIS. Concurrently, the rating outlook has been revised to negative from stable. As at end-October 2023, the total outstanding amount stood at RM323.0 million under the RM700 million Sukuk Wakalah programme.RationaleThe r...

Rating action          MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme (ICP/IMTN-3) with a combined nominal value of RM4.0 billion. The rating agency has also affirmed its ratings of AA-IS on UEM Sunrise’s two RM2.0 billion IMTN Programmes (IMTN-1 and IMT...

Rating action          MARC Ratings has assigned a preliminary rating of AA-IS to LBS Bina Group Berhad’s proposed Islamic Medium-Term Notes Programme of up to RM750.0 million. The rating outlook is stable. The planned first issuance under the programme of up to RM200.0 million will be mainly used to refinance existing borrowings.RationaleThe assigned rating is main...

Rating action         MARC Ratings has assigned ratings to Sunway Group’s existing unrated sukuk and unrated debt as follows:Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme at AISSunway Treasury Sukuk Sdn Bhd’s RM10.0 billion Islamic Medium-Term Notes (IMTN) Programme at AA-IS.MARC Ratings has concurrently affirmed the existing ratings on Sunway Group’s fol...

Rating action          MARC Ratings has affirmed its rating of AA-IS(cg) on Eco World Capital Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme of RM1.2 billion. The rating outlook is stable. Eco World Capital is the financing vehicle of parent Eco World Development Group Berhad (EcoWorld) which provided an unconditional and irrevocable guarantee on the p...

Rating action            MARC Ratings has upgraded its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) to AA- from A+. The upgrade on the MTN rating follows the upgrade on Segi Astana’s standalone rating to A+ from A. Segi Astana’s MTN rating of AA- incorporates a single notch uplift on account of the liquidity support un...

Rating action           MARC Ratings has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM45.0 million Fixed Rate Serial Bonds. The rating outlook is stable.      Rationale      The rating affirmation reflects the credit strength of AEON Co (M) Berhad (AEON), which, as the principal lessee of CISB’s AE...

Rating action          MARC Ratings has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The total outstanding under the programme stood at RM181.0 million as at end-August 2023.RationaleThe rating affirmation incorporates Sunsuria’s property development approach, healthy overall take-up rates ...