MARC has assigned final ratings of MARC-1IS/AA-IS to Northport (Malaysia) Bhd’s (NMB) Islamic Commercial Papers Programme and Islamic Medium-Term Notes Programme respectively (collectively known as Sukuk Musharakah Programmes) with a joint limit of up to RM1.5 billion. The outlook on the ratings is stable.

Upon review of the final documentation of the forthcoming issuance, MARC is satisfied that the terms and conditions of the Sukuk Musharakah Programmes have not changed in any material way from the draft documents on which the earlier preliminary ratings of MARC-1IS/AA-IS were based.

Full details on the assigned ratings have been provided in NMB’s preliminary ratings announcement on November 19, 2014. The full Credit Analysis Report is available on MARC’s website at www.marc.com.my/ratbase/index.php.

Contacts:
Ng Chun Kean, +603-2082 2230/ chunkean@marc.com.my;
David Lee, +603-2082 2255/ david@marc.com.my.