MARC has assigned a preliminary 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. The rating primarily reflects BDB’s moderate business and financial profile, characterised by improving profitability on the back of increased property development activities and a secured ...

MARC has assigned a preliminary rating of AAIS to Sime Darby Plantation Sdn Bhd’s (SDP) Perpetual Subordinated Sukuk Programme of up to RM3.0 billion (Perpetual Sukuk) with a stable outlook. The Perpetual Sukuk is a novation of the existing Perpetual Sukuk of Sime Darby Berhad, currently the holding company of SDP. The existing outstanding amount under the Perpetual Sukuk is RM2.2 billion....

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. The rating is driven by Westports’ solid financial metrics as reflected by its stable operating margins and strong finance service coverage on the back of commendable operational performance. The rating also benefits from Westport’s strong compe...

MARC has assigned a preliminary rating of AA-IS to Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) proposed Sukuk Murabahah of up to RM1.0 billion. The outlook on the rating is stable. This sukuk will be Malaysia’s first Green Sustainable and Responsible Investment (Green SRI) Sukuk to be issued by a solar power producer. QSP Semenanjung is a wholly-owned subsidiary of Quantum So...

MARC has placed its BBB+IS sukuk rating on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Note Programme on MARCWatch Negative. The current outstanding amount under the rated programme is RM75 million, of which RM30 million is due in July 2017. The rating action highlights increased risk of missed payments or a distressed exchange on Alam Maritim’s ...

MARC has assigned a corporate credit rating of AAA to Sime Darby Plantation Sdn Bhd (SDP) with a stable outlook. The long-term rating benefits from a one-notch rating uplift for implicit support from government-linked investment company Permodalan Nasional Berhad (PNB), who will become SDP’s new direct majority shareholder upon the completion of the reorganisation of conglomerate Sime Darby Ber...

MARC has affirmed its rating of AAAIS on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The sukuk programme has an outstanding amount of RM1,255.0 million as at end-October 2016. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisat...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook. The bonds programme has an outstanding amount of RM1,140.0 million as at end-August 2016. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of con...

MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The sukuk programme has an outstanding amount of RM810.0 million as at end-September 2016. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation o...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook. The bonds programme has an outstanding amount of RM995.0 million as at end-June 2016. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of convent...