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.      Rationale     The rating affirmation incorporates Sunsuria’s development approach through joint ventures, its low net leverage and strong liquidity position. The rating also factors in t...

Rating action     MARC Ratings has assigned a preliminary rating of AA-IS(cg) to Eco World Capital Berhad’s Islamic Medium-Term Notes programme of RM1.2 billion under the Shariah principle of Wakalah Bi Al-Istithmar (Sukuk Wakalah programme). The rating outlook is stable. Eco World Capital is wholly owned by Eco World Development Group Berhad (EcoWorld) and is the financing vehicl...

Rating action          MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. Rationale         The affirmed rating is driven by the steady periodic payment streams in the form of availability charges (AC) f...

Rating action     MARC Ratings has affirmed its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) and RM2.0 billion existing Perpetual Sukuk programme at A+IS and AIS. The ratings outlook is maintained at negative. As at end-May 2022, the outstanding of the Sukuk Wakalah and Perpetual Sukuk programme stood at RM1.5 billion ...

Rating action     MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes:RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAIS;RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS;RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; andRM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN)...

Rating action     MARC Ratings has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM60 million Fixed Rate Serial Bonds. The rating outlook has been revised to stable from negative. Rationale     The affirmed rating is driven by the credit strength of AEON Co (M) Berhad (AEON), a 51.7%-owned subsidiary of Japan-based AEON Co Ltd (AEON...

Rating action         MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook.Rationale      The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, and the q...

Rating action     MARC Ratings has affirmed its rating of AAA on Inverfin Sdn Bhd’s outstanding RM160 million Tranche A notes under the Medium-Term Notes (MTN) programme. The rating outlook has been revised to stable from negative.Rationale     The rating affirmation is based on the loan-to-value (LTV) ratio of the Tranche A notes of 41.9% that is within the benchma...

Rating action     MARC Ratings has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable.Rationale     The ratings reflec...

Rating action     MARC Ratings has affirmed its AAIS rating on S P Setia Berhad’s RM3.0 billion Islamic Medium-Term Notes Programme with a stable outlook. The initial proceeds of RM800 million from the issuance had largely been used to fund capital injections into the group’s joint venture (JV) Battersea Power Station in the United Kingdom (Battersea Project).Rationale  &nb...