MARC has assigned an investment manager rating of IMR-2 to Kenanga Investors Berhad (KIB) and to KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB). KIB is a fund management company managing both conventional and Islamic schemes while KIIB solely provides Shariah-compliant investment management services. This is the first rating announced by MARC under its investment man...

MARC has affirmed the AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) Sukuk Murabahah issuance of RM210 million. The outlook on the rating is stable. Grand Sepadu is indirectly equally owned by Taliworks Corporation Berhad and the Employees Provident Fund with a 37.5% stake each. The affirmation reflects Grand Sepadu’s adequate cash flow coverage, underpinned by stable traffic...

MARC has affirmed Indonesia’s foreign currency sovereign rating of AA- with a stable outlook based on MARC’s national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The rating also serves as a country ceiling for ringgit-denominated debt issued locally by issuers domiciled in Indonesia. Transfer and...

MARC has affirmed the Republic of Singapore’s foreign currency sovereign rating of AAA with a stable outlook based on its national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The government of Singapore has no debt rated by MARC. The rating also serves as a country ceiling for ringgit-denominated d...

MARC has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s (UEM Sunrise) two Islamic Commercial Paper and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2). The ICP/IMTN-1 and ICP/IMTN-2 each has a nominal value of RM2.0 billion with a sublimit of RM500.0 million on the ICP programmes. The outlook on the ratings is stable. Majority-owned by UEM Group Berhad (UEM Gr...

MARC is issuing this update on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) following a revised construction completion date to June 30, 2017 from February 12, 2017 for the 16-km Duta-Ulu Kelang Expressway (DUKE) Phase-2. Kesturi has received approval from the Malaysian Highway Authority on a further extension of time (EOT) to October 2, 2017 from December 15, 2016. The initial EOT was ...

MARC has affirmed Malaysia’s sovereign rating of AAA with a stable outlook based on its national scale. The AAA rating reflects MARC’s opinion on the sovereign’s ability to meet its local currency obligations. It represents the sovereign’s ordinal ranking of creditworthiness within the country and excludes foreign currency transfer and convertibility risks. It is based solely on an analys...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS is the toll concessionaire of five major highways in Malaysia, of which the 772-kilometre (km) North-South Expressway (NSE) is its key highway in terms of revenue generation. The rating affirmation continues to incorporate a two-notch...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA and sukuk rating of AAAIS on its outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The ratings outlook is stable. The ratings incorporate a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect MARC’s assessment of a high likelihood of government support premised on the co...

MARC has affirmed its AAA financial institution rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. CGC is a development financial institution (DFI) with majority shareholding held by the central bank, Bank Negara Malaysia. Its public policy role is to facilitate access to financing for small and medium enterprises (SME) by providing credit guarantees on their...