MARC has affirmed its MARC-1/AA ratings on Hong Leong Financial Group Berhad's (HLFG) RM1.8 billion Commercial Paper and Medium-Term Notes (CP/MTN) programme with a stable outlook. HLFG is a non-operating financial holding company where its 64.4%-owned Hong Leong Bank Bhd (HLB) continued to account for a significant portion of the group’s consolidated total assets and profitability. HLFG’s ra...

MARC has affirmed its AAA financial institution (FI) rating on Bank Pembangunan Malaysia Berhad (Bank Pembangunan). Concurrently, the rating agency affirmed its MARC-1IS/MARC-1 programme ratings on the bank’s Islamic/Conventional Commercial Papers (CP) Programme of up to RM2.0 billion. The ratings carry a stable outlook. The affirmed FI rating is based on MARC’s assessment of high govern...

MARC has affirmed the long-term and short-term financial institution (FI) ratings of AA-/MARC-1 on Hong Leong Investment Bank Berhad (HLIB). The outlook on the ratings is stable. The ratings reflect HLIB's steady business and credit profile which are underpinned by its position as the capital market arm of Hong Leong Financial Group Berhad (HLFG), one of Malaysia’s largest financial servic...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) but revised the outlook to negative from stable. The affirmed rating incorporates a two-notch uplift from KEV’s standalone rating of AA- based on MARC’s continued assessment of a high probability of parental support from KEV’s majority shareholder, Tenaga Nasional Berhad (TN...

MARC has withdrawn its AAAID(bg) rating on Horizon Hills Development Sdn Bhd’s Islamic Bank-Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million. The rating withdrawal follows the final redemption of RM30 million IMTN on August 12, 2016 and the expiration of the IMTN Programme on August 15, 2016, as confirmed by the facility agent. Upon the withdrawal of the rating, MARC wil...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The affirmed rating is underpinned by the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with the offtaker, Sabah Electricity Sdn Bhd (SESB) under which demand risk is transferred to the offtaker. SESB is an 83%-owned subsidiary of Tenaga ...

MARC has affirmed its AAA rating on Special Port Vehicle Berhad’s (SPVB) asset-backed serial bonds facility. The outlook remains negative. The affirmed rating takes into account the timely track record of payment of deferred repayment obligations from Port Klang Authority (PKA) to SPVB under the Sale and Purchase Agreement (SPA). The SPA dated November 2002 between Kuala Dimensi Sdn Bhd (K...

MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. Tanjung Bin O&M is the operations and maintenance (O&M) provider of the 2,100-megawatt (MW) coal-fired power plant owned by related company Tanjung Bin Power Sdn Bhd (TBP) under the O&M agreement (OMA). Tanjung Bin O&M has transferred key ope...

MARC has affirmed the AAAID 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 rating action affects the outstanding RM810.0 million sukuk issued under CMBS 2005-1. The key rating factor is CMBS 2005-1’s strong credit enhancement level of 217.5% as of September 30, 2015 (Quarter 42) on the back of...

MARC has affirmed the 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 current outstanding under the sukuk issuance is RM1,255.0 million. The key factors supporting the rating affirmation are CMBS 2007-1-i’s robust credit enhancement level, the low payment risk on the pool of governme...