Credit Analysis Reports - Category: Trading/Services
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Rating actionMARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. Total outstanding under the programme stood at RM2.1 billion as of October 31, 2022.RationaleMMC’s significant and longstanding competitive strengths through subsidiaries and associates in the ports and logistics, engineering, and energy an...


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Rating actionMARC Ratings has assigned a rating of AA-IS to MY E.G. Services Berhad’s (MYEG) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion in nominal value. The rating outlook is stable. RationaleThe assigned rating reflects MYEG’s established position as a longstanding concessionaire for e-government services, underpinned by its strong information technology ...


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Rating action     MARC Ratings has affirmed its ratings of A+IS and A-IS on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. The two-notch rating differential between both issuances reflects the latter’s subordination to the senior sukuk, in line with MARC Ratings’ notching principles on hybrid securitie...


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Rating action     MARC Ratings 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, which will expire end-September 2022.Rationale      The rating incorporates MISC’s position as a domestic leader and a key global play...


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Rating action     MARC Ratings has maintained its ratings on Alpha Circle Sdn Bhd’s outstanding RM80 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at BIS and CIS. The senior sukuk’s rating outlook has been maintained at negative. Rationale     The rating actions reflect Alpha Circle’s weak financial position to be able to fully me...


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Rating action     MARC Ratings has affirmed its ratings on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) at AA+IS and RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk) at AA-IS. The ratings outlook is stable. The two-notch rating differential between the two programmes is in line with MARC’s methodology on notchin...


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Rating action     MARC Ratings has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme. Rationale     The rating is driven by BDB’s improving business profile in construction and property development, its low-to-moderate leverage position, and adequate liquidity to meet short-te...


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Rating actionMARC Ratings 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. Concurrently, the 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 (ICP/IMTN) Programmes have been affirmed a...


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Rating action     MARC has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. Rationale     MMC’s significant competitive strengths in the ports and logistics, and engineering segments that have translated to strong earnings generation remain key rating drivers. The group’s performance is...


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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 the Sukuk Murabahah Programme of up to RM1.0 billion. The ratings outlook is stable. The outstanding sukuk stood at RM250.0 million as at end-November 2021.Rationale     The affirmed ratings are driven ...


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