Rating action     MARC has affirmed its rating of MARC-2IS on Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme. The outstanding notes under the programme stood at RM70.0 million as at end-September 2021.Rationale     The rating incorporates Titijaya’s track record in developing projects in and around mature housing areas, a...

Rating action     MARC has assigned long-term ratings of AAA, AA and A to Trusmadi Capital Sdn Bhd’s issue of RM235 million Class A, RM40 million Class B, and RM25 million Class C Medium-Term Notes (MTN). Concurrently, the rating agency has assigned a MARC-1 rating to Trusmadi Capital’s issue of up to RM300 million Commercial Papers (CP). The rated MTN and/or CP issuances are su...

Rating action     MARC has assigned preliminary ratings of MARC-1IS /AA-IS to UEM Sunrise Berhad’s proposed Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined nominal value of RM4.0 billion (ICP/IMTN-3). The rating agency has concurrently affirmed the existing ratings of MARC-1IS /AA-IS on its two ICP and IMTN programmes (ICP/I...

Rating action          MARC has affirmed its MARC-1/AA- ratings on Sunway Berhad’s issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes, and MARC-1IS(cg)/AA-IS(cg) ratings on Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (...

Rating action     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. Rationale      The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, the quantum of which is deemed...

Rating action     MARC has affirmed its AAA and MARC-1 ratings with a stable outlook on Kinabalu Capital Sdn Bhd’s outstanding RM20 million Class A Medium-Term Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The outstanding issuances will mature on December 22, 2021 and are in the process of being refinanced.Rationale     The affirmed rating...

Rating action     MARC has downgraded its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) facility to A+ from AA-. The rating outlook is maintained at negative. The rating benefits from a single notch uplift based on the undertaking from parent WCT Holdings Berhad (WCT) (AA-/Stable) to provide liquidity support.Rationale     Segi ...

MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM75 million Fixed Rate Serial Bonds. The rating outlook remains negative. Rationale     The negative outlook is premised on our concern over the CISB’s liquidity position if an ongoing plan to clear its tax arrears of RM10 million is not realised. Under the plan, CISB will issue new shares ...

Rating action     MARC has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.Rationale          The affirmed rating is primarily driven by Sunsuria’s healthy profit margin, net low leverage and strong liquidity position. These factors have placed the group in a better position rela...

Rating action     MARC 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) Program...