MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Sunrise Berhad’s two Islamic Commercial Papers and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2) with a stable outlook. Each of the ICP/IMTN programmes has a limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. UEM Sunrise’s long-term rating benefits from a one-notch uplift for parental ...

MARC has affirmed its ratings on Sunway Berhad’s issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programmes at MARC-1/AA-. Concurrently, the ratings on Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Paper/ Islamic Medium-Term Notes (ICP/ IMTN) programmes have been affirmed at MARC-1IS(cg)/A...

MARC has affirmed its AAAIS rating with a stable outlook on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. Wholly owned by Putrajaya Holdings Sdn Bhd (PJH), PBSB undertook the development of nine blocks of government office buildings and one block of shared facilities in Parcel F, Precinct 1 in Putrajaya under a concession agreement with...

MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes: RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS / stable; RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS / stable; and RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS / stable. The ratings are mainly pre...

MARC has affirmed its rating for Central Impression Sdn Bhd’s (CISB) 11-year Fixed Rate Serial Bonds of RM120.0 million at AA-. The rating outlook has been revised to negative from stable. The revised outlook reflects CISB’s reduced cash buffer mainly due to an unexpected tax liability arising from underpayments in prior years. This could potentially lead to a covenant breach of the debt...

MARC has affirmed its AAA and MARC-1 ratings on Kinabalu Capital Sdn Bhd’s RM20 million Class A Medium-Term Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The aggregate outstanding nominal value of MTN and CP programmes under Issue 1 is capped at RM220 million. The outlook remains stable. Kinabalu Capital is wholly owned by MRCB-Quill REIT (MQ REIT), a real estate inve...

MARC has lowered Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme to MARC-2IS from MARC-1IS. The outstanding notes under the programme stood at RM50.0 million as at end-June 2019. The rating action reflects the increased concerns on Titijaya’s business and credit profile arising from the prevailing weak property market. In particular, pressure on ...

MARC 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. The outstanding IMTNs under the rated programme stood at RM4.25 billion as at July 31, 2019. The rating is premised on the credit strength of the Malaysian government to meet the sublease rental obligations on 74 developments for the Pol...

MARC has affirmed its ratings of AAA, AA and B- on Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN) (Class A MTN), RM50.0 million Senior Class B MTN (Class B MTN) and RM800.0 million Subordinated Class MTN. The ratings outlook is stable. As at April 1, 2019, Special Coral had outstanding Senior Class A MTN of RM200.0 million and Subordinated Class MTN of RM506.3 mi...

MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 2 Medium-Term Notes (MTN) of RM130 million Class A, RM25 million Class B and RM15 million Class C. Concurrently, MARC also affirmed its MARC-1 rating on Kinabalu Capital’s issue of up to RM170 million Commercial Papers (CP). The outlook on all ratings is stable. The issuance of the rated MTN an...