Rating action           MARC Ratings has downgraded its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk programme to AIS and A-IS from A+IS and AIS. The outstanding under the Sukuk Wakalah and Perpetual Sukuk programme currently stands at RM1.5 billion and RM648.0 mi...

Rating action     MARC Ratings has assigned ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes and Commercial Papers programmes with a stable outlook. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guaran...

Rating action         MARC Ratings has assigned ratings of MARC-1IS/AA-IS to UDA Holdings Berhad’s (UDA) Islamic Commercial Papers (ICP) programme of up to RM100.0 million and Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion with a combined aggregate limit in nominal value of up to RM1.0 billion (Sukuk Wakalah Programmes) with a stable outlook.RationaleT...

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.RationaleThe ratings reflec...

Rating action          MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The outlook on all ratings is stable.Rationale The affirmed ratings reflect the loan-to-value (LTV) ratios of the classes under the issuance that...

Rating action          MARC Ratings has affirmed Sime Darby Property Berhad’s (SD Property) RM4.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) rating at AA+IS with a stable outlook. The outstanding under the rated programme stood at RM800.0 million as at end-November 2022.Rationale SD Property’s continued strong sales track record in its w...

Rating action          MARC Ratings has affirmed its AAIS rating on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). Concurrently, the rating agency has revised the rating outlook to stable from negative. Fortune Premiere is a funding vehicle of IOI Properties Group Berhad (IOI Properties) which has provi...

Rating action                      MARC Ratings has affirmed its ratings on Berjaya Land Berhad’s (Bland) RM500.0 million Medium Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The rating...

Rating action MARC Ratings has affirmed its rating of A+IS on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme of up to RM700 million (Sukuk Wakalah) with a stable outlook. RationaleYNH’s established track record in the domestic property industry, and its low land cost that enables the group to generate healthy profitability margins are key rating drivers. The high market-v...

Rating actionMARC Ratings has affirmed its ratings of AAA, AA, A and MARC-1 on Trusmadi Capital Sdn Bhd’s Issue 1 of RM235 million Class A, RM40 million Class B, and RM25 million Class C Medium-Term Notes (MTN) and RM300 million Commercial Papers (CP). The rated MTN and/or CP issuances are subject to a combined issuance limit of RM300 million. The ratings outlook is stable. As of end-August...