MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (MTN) Programme (sukuk programme) with a stable outlook. SDEB is the concessionaire of a 77km tolled inter-urban expressway (E22) between Senai and Desaru with a connecting highway to Pasir Gudang. The affirmed rating incorporates SDEB’s improved cash flow generation on...

MARC has downgraded Alam Maritim Resources Berhad’s sukuk rating to DIS from BB+IS following the missed sukuk principal payment of RM30.0 million on July 6, 2017 of the outstanding RM75.0 million under its Sukuk Ijarah Medium-Term Notes programme. Concurrently, the rating has been removed from MARCWatch Negative where it was placed on May 30, 2017. Alam Maritim is a major domestic offshore supp...

MARC has assigned a final rating of AAIS to BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah (Sukuk Wakalah). 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 Sukuk Wakalah have not changed in any material way from the draft documentation on which the earlier preliminary ratin...

MARC said today that it has downgraded its rating on marine services provider Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes to BB+IS from BBB+IS. The rating remains on MARCWatch Negative. MARC had earlier placed the sukuk rating on MARCWatch Negative on May 30, 2017 to highlight the sukuk’s increased vulnerability to missed payments or a distre...

MARC has assigned a final rating of AAIS to Sime Darby Plantation Sdn Bhd’s (SDP) Perpetual Subordinated Sukuk Programme of up to RM3.0 billion (Perpetual Sukuk). 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 Perpetual Sukuk have not changed in any material way from the draft documentati...

MARC has assigned a final rating of AA- to Sports Toto Malaysia Sdn Bhd’s (Sports Toto) proposed RM800.0 million 15-year Medium-Term Notes Programme (MTN-2). 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 MTN-2 Programme have not changed in any material way from the draft documenta...

MARC has affirmed its AA-IS and A- ratings on MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds) respectively. The outlook on the ratings is stable. MEX II has a 33-year toll concession agreement with the Malaysian government to design, construct, operate and maintain a 16.8-km Lebuhraya Putrajaya-KLIA (...

MARC has assigned a final short-term rating of MARC-2IS to Bina Darulaman Berhad’s (BDB) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme. The outlook for the rating is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the ICP have not changed in any material way from the draft documentation on which the ea...

MARC has assigned a preliminary rating of AA- to Sports Toto Malaysia Sdn Bhd’s (Sports Toto) proposed RM800.0 million 15-year Medium-Term Notes Programme (MTN-2). Concurrently, the rating agency has affirmed its AA- rating on Sports Toto’s existing RM800.0 million 10-year Medium-Term Notes Programme (MTN-1) which will expire in June 2020. The outlook on the ratings is stable. The drawdo...

MARC has affirmed the insurer financial strength rating of AA+ on Bermuda-based International General Insurance Co. Ltd. (IGI) with a stable outlook. The rating is based on Malaysia’s national rating scale. The rating affirmation mainly reflects IGI’s strong capitalisation level and well-diversified portfolio, underpinned by a prudent underwriting approach. The rating is moderated by IGI’s ...