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...

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 ...

Rating action     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 with a stable outlook. Rationale     The affirmed rating is mainly driven by Sports Toto’s entrenched domestic market position as a number forecast operator (NFO) with the largest number of outlets in ...

Rating action     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 two-notch rating differential between both issuances reflects the subordination of the perpetual sukuk to the senior sukuk in line with MARC’s notching principles on hybrid securities. All rati...

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 (ICP/IMTN) Programmes...

Rating action     MARC has lowered its ratings on Alpha Circle Sdn Bhd’s RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah to BBIS and BIS. Concurrently, MARC has removed the rating from MARCWatch Negative but maintained the outlook at negative. The current outstanding of senior sukuk is RM140 million and junior sukuk is RM55 million. Rationale&nb...

Rating action     MARC has assigned a rating of AA+IS to UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes Programme (Sukuk Musharakah). Concurrently, UMW’s RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk) has been assigned a rating of AA-IS with the two-notch rating differential between the two programmes being in line with MARC’s methodology on not...

Rating action     MARC 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 incorporates BDB’s competitive strength to undertake public infrastructure and construction contracts in Kedah, its moderate position as a property developer, its low-to-moderate l...

Rating action     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 and the programme will expire in September 2022.Rationale    The rating continues to benefit from a rating uplift on MARC’s expectation of strong parental...

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-...