MARC has withdrawn its MARC-1IS rating on TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM100.0 million Sukuk Ijarah Commercial Papers. The rating withdrawal follows the full redemption and cancellation of the programme as confirmed by the facility agent on September 21, 2016.  Upon the withdrawal of the rating, MARC’s analytical coverage on TSH Ijarah is now limited to its RM300.0 million...

MARC has affirmed its AAAIS rating on special purpose vehicle Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The rating reflects the credit strength of the Malaysian government as the sole paymaster of the sublease rental payments that are sufficient to meet the principal and profit payments under the IMTN programme. Ama...

MARC has downgraded its rating on DRB-HICOM Berhad’s (DRB-HICOM) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.8 billion to A+IS from AA-IS. Concurrently, the rating agency has lowered the rating on the Perpetual Sukuk Musharakah Programme (Perpetual Sukuk) of up to RM2.0 billion to A-IS from AIS. The outlook on all ratings has been revised to stable from negative. The rating actions ...

MARC has assigned final ratings of MARC-1IS and AAAIS to Gas Malaysia Berhad’s (Gas Malaysia) Islamic Commercial Paper (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700 million respectively. The outlook on the ratings is stable. Upon review of the legal documentation of the issuance, MARC is satisfied that the terms and conditions of the pr...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2005-2) of RM2,060.0 million with a stable outlook. The rating action affects the outstanding bonds of RM995.0 million issued under CMBS 2005-2. The affirmed rating reflects the robust credit enhancement level of 195.5% on CMBS 2005-2 based on an outstanding principal balance of non...

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 rating action affects RM1,140.0 million of outstanding bonds. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to issue mortgage-backed securities via the securitisation of eligi...

MARC has downgraded its rating on Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes programme to BBB+IS from AIS. The outlook is maintained at negative. The rating action affects RM75 million of outstanding sukuk under the rated programme. MARC’s rating action is premised on Alam Maritim’s weakening financial performance arising from its inabilit...

MARC has assigned preliminary ratings of MARC-1IS and AAAIS to Gas Malaysia Berhad’s (Gas Malaysia) Islamic Commercial Paper (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700 million respectively. The outlook on the ratings is stable. The ratings reflect Gas Malaysia’s very strong domestic competitive position in natural gas distribution,...

MARC has affirmed Ranhill Powertron II Sdn Bhd’s (RPII) RM270 million outstanding non-guaranteed notes and RM350 million outstanding guaranteed notes at AAIS and AAAIS(fg) respectively. The outlook for the ratings is stable. The non-guaranteed and guaranteed notes were issued under the RM710 million Islamic Medium-Term Notes (IMTN) Programme. RPII is a special purpose project company incor...

MARC has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA 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 Kuwa...