Friday, Mar 17, 2023
MARC Ratings has withdrawn its insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad. This follows the completion of the legal process to transfer Danajamin’s businesses and undertakings to Bank Pembangunan Malaysia Berhad effective March 1, 2023. Accordingly, bonds/sukuk rated by MARC Ratings that were guaranteed by Danajamin will carry Bank Pembangunan’s rating of AAA.
| Issuer | Issuance | Rating |
| Ranhill Powertron II Sdn Bhd | RM350.0 million in nominal value Guaranteed Islamic Medium-Term Notes | AAAIS(bg) |
| Berjaya Land Bhd | Medium-Term Notes Programme of up to RM500 million | AAA(bg) |
| Projek Lintasan Sg Besi – Ulu Kelang Sdn Bhd | Guaranteed Facilities of up to RM500.0 million | AAAIS(bg) |
| Malaysia Steel Works Bhd | Sukuk Ijarah Programme of up to RM130.0 million | AAAIS(bg) |
MARC Ratings maintains a financial institution rating of AAA/Stable on Bank Pembangunan, reflecting primarily the bank’s status as a wholly government-owned entity with a key role to support the government’s developmental objectives for the country.
Following the aforementioned transfer of obligations, MARC Ratings will no longer provide analytical coverage on Danajamin.
Contacts:
Farhan Darham, +603-2717 2945/ farhan@marc.com.my
Haziq Najmuddin, +603-2717 2965/ haziq@marc.com.my
Mohd Izazee Ismail, +603-2717 2947/ izazee@marc.com.my