MARC has withdrawn its MARC-1/AA- ratings on IJM Corporation Berhad’s RM1.0 billion Commercial Paper/Medium-Term Notes (CP/MTN) Programme. The ratings withdrawal follows the expiry and cancellation of the CP/MTN Programme on October 21, 2016, as confirmed by the facility agent. MARC will no longer be providing analytical coverage on the issuer following the ratings withdrawal. Cont...

MARC has affirmed Malayan Banking Berhad’s (Maybank) financial institution and RM10.0 billion Senior Medium-Term Note (MTN) programme ratings at AAA/MARC-1 and AAA respectively. The outlook on the ratings is stable. The ratings incorporate Maybank’s very strong market position as the largest domestic bank underpinned by a well-established banking franchise as well as its strong capitalisation...

MARC is issuing this update on Sime Darby Berhad (Sime Darby) following the group’s recent asset disposals and share placement exercise, in line with its announced deleveraging exercise. The group has made steady progress in utilising the proceeds from the exercise to pare down its borrowings which rose sharply following the acquisition of New Britain Palm Oil Limited for RM6.0 billion in March...

MARC has affirmed the long-term and short-term financial institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF Investment). The outlook on the ratings is stable. The ratings are mainly driven by the investment bank’s strong capital position, healthy liquidity levels and prudent investment policy. The ratings are moderated by KAF Investment’s susceptibility to domestic capital m...

MARC has withdrawn its DID rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDs) facility. The rating agency’s last action on MITP was on November 18, 2009 when the BaIDs was downgraded to DID following the company’s failure to make a profit payment. The rating withdrawal follows the final settlement of the out...

MARC has affirmed its rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme of AA+IS. The outlook has been revised to negative from stable. CNSB provides network telecommunication services to its parent, Celcom Axiata Berhad (Celcom), through network telecommunication assets. The rating and outlook are premised on the overall credit profile of Celcom group give...

MARC has affirmed its rating on Talam Transform Berhad’s (Talam) outstanding RM52.1 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDs) at B-IS with a stable outlook. The rating reflects the group’s weak financial position, its limited business prospects as well as its continued reliance on timely asset disposals to meet its substantial financial obligations. Talam’s ca...

MARC has affirmed Maybank Islamic Berhad’s (Maybank Islamic) long-term and short-term financial institution (FI) ratings of AAA and MARC-1 respectively with a stable outlook. The long-term rating of Maybank Islamic is equalised with the rating of its parent Malayan Banking Berhad (Maybank) on the basis of the former’s significance as Maybank’s Islamic banking arm and its contribution to gro...

MARC has affirmed its ratings of AAAIS(bg) and AAAIS(fg) on Ranhill Capital Sdn Bhd’s (Ranhill Capital) RM300 million bank-guaranteed (Tranche 1) and RM500 million Danajamin-guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The outlook on the ratings is stable. The ratings on Tranche 1 and Tranche 2 reflect the credit strength of the unconditional and irrevocable guarantees from ...

MARC has affirmed its rating of AA- with a stable outlook on Central Impression Sdn Bhd’s (CISB) 11-year Fixed Rate Serial Bonds of RM120.0 million. The affirmed rating reflects the credit strength of AEON Co. (M) Berhad (AEON) as the principal lessee of the AEON Klebang shopping mall which is owned and was developed by CISB from the bond proceeds. The fixed lease rental payments from AEON...