MARC has withdrawn its MARC-1IS/AAAIS ratings on Sime Darby Berhad’s (Sime Darby) Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programme with a combined limit of RM4.5 billion. The ratings carried a negative outlook. There were no outstanding issuances under the programme. The ratings withdrawal follows confirmation from the facility arranger, Maybank Investment Bank Berh...

MARC has affirmed its AAAIS rating on special purpose vehicle Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The affirmed rating is premised on the credit strength of the Malaysian government as the sole paymaster of the sublease rentals which are sufficient to meet the principal and profit payments under the IMTN progra...

MARC has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA with a stable outlook based on its national rating scale. The rating is underpinned by Kuwait’s substantial proven crude oil reserves. One of the world’s richest countries, it has one of the Middle East’s oldest and most financially stable economic systems. Thanks to oil revenue, which continues...

MARC has assigned long-term and short-term financial institution (FI) ratings of A+ and MARC-1 to Kenanga Investment Bank Berhad (Kenanga) with a stable outlook. The ratings are mainly premised on Kenanga’s established track record in investment banking activities as well as its position as a medium-sized investment bank and moderate profitability metrics. Kenanga is primarily involved in ...

MARC has assigned a final rating of AA-IS to Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) Green SRI Sukuk of up to RM1.0 billion. The outlook on the rating is stable. Upon review of the final documentation of the proposed issuance, MARC is satisfied that the terms and conditions of the Green SRI Sukuk have not changed in any material way from the draft documentation on whic...

MARC has affirmed its rating of AA-IS on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. The rating reflects the credit strength of parent company Malakoff Power Berhad (MPower) which has provided unconditional and irrevocable undertaking in the form of cash deficiency support to top up any shortfall in the finance servic...

MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC has an insurer financial strength rating of AAA/stable and long-term counte...

MARC has assigned a preliminary rating of MARC has affirmed the AA--IS to Southern Power Generation Sdn Bhd’s (Southern Power) proposed Sukuk Wakalah of up to RM4.0 billion. The outlook on the rating is stable. Southern Power, a 51:49 joint venture between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd, will utilise proceeds from the sukuk to develop a 2x720-megawatt combined cycle gas-fi...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. KPSB is the owner of a 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay, Sabah. The affirmed rating continues to be underpinned by the favourable terms of KPSB’s 21-year power purchase agreement (PPA) that allocates demand risk and fuel ...

MARC has withdrawn its AAAIS rating/stable outlook on Cagamas MBS Berhad’s RM410.0 million Tranche 5 issued under the RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. MARC’s analytical coverage on CMBS 2005-1 is now limited to the outstanding RM400.0 million under t...