MARC has withdrawn its AAA rating/stable outlook on Cagamas MBS Berhad’s RM525.0 million Tranche 4 issued under the RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. MARC’s analytical coverage on CMBS 2007-2 is now limited to the outstanding RM615.0 million under the r...

MARC has affirmed its ratings of MARC-1IS and AAAIS on Gas Malaysia Berhad’s (Gas Malaysia) Islamic Commercial Papers (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700 million respectively. The outlook on the ratings is stable. As at end-July 2017, the total outstanding notes under the rated programmes stood at RM161.0 million. The ratings a...

MARC has withdrawn its AAAIS rating/stable outlook on Cagamas MBS Berhad’s RM400.0 million Tranche 4 under the RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. MARC’s analytical coverage on CMBS 2007-1-i is now limited to the outstanding RM855.0 million under the...

MARC has withdrawn its rating of AA-(bg) on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Bank-Guaranteed Serial Fixed Rate Bonds. The rating withdrawal follows the full redemption and subsequent cancellation of the facility as confirmed by the facility agent. Upon the rating withdrawal, MARC will no longer be providing analytical coverage on the issuance. Contacts: Adib A...

MARC has affirmed its rating of AA-IS on Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah with a stable outlook. DUKE 3, a wholly-owned subsidiary of Ekovest Berhad (Ekovest), is the concessionaire of the 32.1km DUKE Phase 3 expressway in Kuala Lumpur under an agreement with the Malaysian government ending August 5, 2069. The expressway is currently under construction ...

MARC has assigned ratings of AAAIS and AA+IS to Danajamin Nasional Berhad’s (Danajamin) Senior and Subordinated Sukuk Murabahah respectively of up to RM2.0 billion under a proposed sukuk programme. Concurrently, MARC has affirmed its insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin. The ratings carry a stable outlook. The ratings are drive...

MARC has assigned a preliminary short-term rating of MARC-1IS to Titijaya Land Berhad’s (Titijaya) proposed RM150 million Islamic Commercial Papers (ICP) Programme. The outlook on the rating is stable. The rating incorporates Titijaya’s fairly established property development track record, strong profitability margins and moderate financial flexibility. Notwithstanding these factors, the...

MARC has affirmed its ratings of MARC-1/AA on Hong Leong Financial Group Berhad's (HLFG) RM1.8 billion Commercial Papers and Medium-Term Notes (CP/MTN) programmes. The outlook has been revised to positive from stable. HLFG’s credit strength is driven by its key subsidiary, Hong Leong Bank Berhad (HLB), given that the bank continued to account for a significant portion of the group’s con...

MARC has affirmed its long- and short-term financial institution (FI) ratings of AAA and MARC-1 respectively on Islamic Development Bank (IsDB). Concurrently, the rating agency affirmed its AAAIS rating on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad (Tadamun), a trust established by IsDB for the purpose of issuing the sukuk. The outlook on the ratings is s...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah and revised the rating outlook to stable from negative. KEV, a 60%-owned subsidiary of Tenaga Nasional Berhad (TNB), owns and operates Kapar Power Station (KPS), the largest domestic multi-fuel thermal power station with four generating facilities (GF) with a combined nominal capacity of 2...