Rating action     MARC has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM). The ratings outlook is stable.Rationale     The affirmed FI ratings on CCBM incorporate the bank’s healthy metrics as reflected by improving profitability, continued high provisioning level with very stron...

Rating action     MARC has assigned a preliminary rating of AAIS to S P Setia Berhad’s (S P Setia) proposed RM3.0 billion Islamic Medium Term Notes Programme. The rating outlook is stable. Proceeds from the proposed issuance will largely be used to fund capital injection into the group’s joint-venture Battersea Power Station, United Kingdom (Battersea Project) and to refinance e...

Rating action     MARC has affirmed the financial institution (FI) rating of AAA on The Export-Import Bank of Korea (KEXIM) and the issue rating of AAA on its Medium-Term Notes programme of RM1.0 billion which is due to mature in February 2022. The FI and issue ratings are based on the domestic rating scale. The outlook on the ratings is stable.Rationale     The FI ra...

Rating action     MARC has assigned a preliminary rating of AA- to 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) proposed RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook.Rationale     The assigned rating mainly reflects 7-Eleven Holdings' strong and established market position in the convenience store segment, gained from a long ope...

Global Markets     Yields in government bonds across the US and the UK continued to surge in March amid continued progress in vaccine rollouts and massive stimulus plans. Both the Fed and the BoE left their key policy rates and pace of bond purchases unchanged. Yields on both the 10y UST and 10y UK gilt were up by 63bps and 4bps to 1.74% and 0.93% (Feb: 1.11% and 0.89%). In contrast...