MARC has affirmed its insurer financial strength rating of AA- on Luxembourg-based FWU Life Insurance Lux S.A. (FWU Life) (formerly known as Atlanticlux Lebensversicherung S.A.). The outlook on the rating has been revised to stable from developing. The outlook revision follows the merger cancellation between FWU Life and Skandia Lebensversicherung AG (Skandia Austria). The parent company, FW...

MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) outstanding RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The outlook for the ratings is stable. The affirmed ratings reflect the unconditional and irrevocabl...

MARC has affirmed its ratings of MARC-1IS/AAAIS and AAIS on Sime Darby Berhad’s (Sime Darby) Islamic Commercial Paper/Islamic Medium-Term Note (ICP/IMTN) Programme with a combined limit of RM4.5 billion and Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion respectively. The two-notch rating differential between the Perpetual Sukuk and IMTN is in line with MARC’s ...

MARC has removed the ratings on WCT Holdings Berhad’s (WCT Holdings) RM1.0 billion MTN Programme and RM1.5 billion Sukuk Murabahah Programme from MARCWatch Developing. The ratings were placed on MARCWatch Developing on November 4, 2016 to enable the rating agency to reassess WCT Holdings’ business plan and the impact on its credit metrics following a major change in shareholders after the gro...

MARC has affirmed the rating of AAAIS on TNB Western Energy Berhad’s (TNB Western Energy) Islamic Sukuk of up to RM4.0 billion with a stable outlook.  TNB Western Energy is the funding conduit of TNB Manjung Five Sdn Bhd (TNB Manjung Five), the project company for the construction of the 1,000-megawatt ultra-supercritical coal-fired power plant under a 25-year power purchase agreement ...

MARC has affirmed its long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee and Investment Facility (CGIF) with a stable outlook. The ratings are based on Malaysia’s national rating scale. The ratings affirmation is driven by CGIF’s strong leverage and liquidity position, supported by sound policy guidelines and a strong governance structure put in place...

MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion. The outlook on the ratings is stable. PDB’s affirmed ratings are equalised to that of its parent, Petroliam Nasional Berhad (PETRONAS) based on MARC’s assessment of a very strong parent-subsidiary relatio...

MARC has affirmed national mortgage corporation Cagamas Berhad’s (Cagamas) bonds and sukuk issues ratings as follows: Conventional and Islamic Commercial Paper (CP/ICP) Programmes with an aggregate combined limit of RM20.0 billion at MARC-1/ MARC-1IS respectively; Conventional and Islamic Medium-Term Notes (MTN/IMTN) Programmes of up to RM40.0 billion at AAA / AAAIS respectively; a...

MARC has withdrawn its rating of AAAIS(fg)/stable on Symphony Life Berhad’s (Symphony Life) Guaranteed Islamic Medium-Term Notes (IMTN) Programme. The rating withdrawal follows the full redemption and subsequent cancellation of the programme as confirmed by the facility agent. Upon the withdrawal of the ratings, MARC will no longer be providing analytical coverage on the issuer. Conta...

MARC has withdrawn its AA/stable rating on CIMB Bank Berhad’s (CIMB Bank) RM4.0 billion Non-Innovative Tier 1 Stapled Capital Securities Programme. The rating withdrawal follows the full redemption and subsequent cancellation of the programme as confirmed by the facility agent on January 9, 2017. MARC’s analytical coverage on CIMB Bank is now limited to the following debt issuances: ...