Credit Analysis Reports - Category: Trading/Services
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Rating action     MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under its Sukuk Murabahah programme of up to RM1.0 billion. The ratings outlook remains stable.Rationale     The affirmed ratings are driven by UEM Edgenta’s strong business and financial profile from long-...


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MARC has affirmed its AA-IS rating on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook.   MMC’s significant competitive strengths in the engineering, ports and logistics segments that have translated to strong earnings generation remain key rating drivers. This is supported by the steady earnings from its energy and utilities segment. These...


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MARC has affirmed its ratings on Alpha Circle Sdn Bhd’s RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at AA-IS and AIS. The ratings outlook has been revised to negative from stable. The current outstanding of senior sukuk is RM160 million and junior sukuk is RM55 million.Alpha Circle is the funding vehicle of NERS Sdn Bhd, the contractor for the 12-year governmen...


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MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme ending in 2032. The rating carries a stable outlook. Sports Toto’s ability to generate healthy cash flow as a number forecast operator (NFO) in the domestic gaming sector, its lengthy track record and its entrenched market position in the oligopolis...


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MARC has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. Currently, there is no outstanding amount under the programme.The affirmed rating continues to benefit from rating uplift on MARC’s expectation of strong parental support from Petroliam Nasional Berhad (PETRONAS) based on the operational and financial integration be...


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MARC has affirmed its ratings of A+IS and A-IS on DRB-HICOM’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. The ratings outlook has been revised to stable from positive.The affirmed senior sukuk rating is underpinned by our view that DRB-HICOM is better placed to withstand the impact from the COVID-19 pandemic on its fairly diverse busine...


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MARC has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme.The affirmed rating incorporates BDB’s status as a Kedah state-owned entity that has benefitted from state support in securing contracts for its road building division and facilitating land acquisition for its property division. The rating is constraine...


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MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under its Sukuk Murabahah programme of up to RM1.0 billion. The ratings outlook is stable. The affirmed ratings reflect UEM Edgenta’s strong business and financial profile, stemming mainly from long-term contracts in its growing regional healthcare ...


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MARC has affirmed its AA-IS rating on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook.   The affirmed rating remains driven by MMC’s significant strength in ports and logistics, engineering, and utilities operations that continue to be steadily strengthened. Underpinned by long-term concessions (ports and utilities) and sizeable government...


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MARC has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable. Currently, there is no outstanding amount under the IMTN programme.MISC’s rating benefits from an uplift from its standalone rating based on the expectation of strong parental support from Petroliam Nasional Berhad (PETRONAS) given the operational and...


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