MARC has affirmed its insurer financial strength rating of AA+ on Bermuda-based International General Insurance Co. Ltd. (IGI) with a stable outlook. The rating is based on Malaysia’s national rating scale. The rating affirmation reflects mainly IGI’s strong capitalisation level and well-diversified portfolio, underpinned by a prudent underwriting approach. The rating is moderated by IGI’s ...

MARC has affirmed the long-term ratings on Special Coral Sdn Bhd’s (Special Coral) RM300.0 million Senior Class and RM800.0 million Subordinated Class Medium-Term Notes (MTN) under the RM1.1 billion MTN Programme. The outlook on the ratings is stable. The list of ratings is shown in the table below.     Tranche size Issued amount Rati...

MARC has withdrawn its AAAID rating on Gas Malaysia Berhad’s RM500 million Al-Murabahah Medium-Term Notes Programme (MTN Programme). The rating withdrawal follows the full redemption and cancellation of the MTN Programme on April 29 and May 18, 2016 respectively, as confirmed by the facility agent. Upon the withdrawal of the rating, MARC will no longer be providing analytical coverage on t...

MARC has withdrawn its ratings of MARC-1(cg) and MARC-1ID(cg) on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) short-term debt programmes due to the expiration of the Conventional and Islamic Commercial Paper (CP and ICP) components of the combined RM3.5 billion programmes. The CP and ICP programmes were part of Tesco Malaysia’s RM3.5 billion CP and ICP, and Medium-Term Notes and Islamic...

MARC has assigned final ratings of MARC-1IS / AA-IS to UEM Sunrise Berhad’s (UEM Sunrise) Islamic Commercial Papers/Islamic Medium-Term Notes Programme (ICP/IMTN Programme) with a combined nominal value of up to RM2.0 billion. The rating outlook is stable. MARC has reviewed the final documentation of the issuance, and is satisfied that the terms and conditions of the ICP/IMTN Programme hav...

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 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 assigned preliminary ratings of MARC-1IS /AA-IS on property developer UEM Sunrise Berhad’s (UEM Sunrise) proposed RM2.0 billion Islamic Commercial Papers Programme and Islamic Medium-Term Notes Programme (ICP/IMTN-2) with a sub-limit of RM500 million for the ICP programme. Concurrently, the rating agency has affirmed its MARC-1IS /AA-IS ratings on UEM Sunrise’s existing RM2.0 bill...

MARC has assigned final ratings of AA-IS and A- to MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds). The outlook on the ratings is stable. MEX II is the toll concessionaire undertaking the design, construction, operations, maintenance and financing of the 16-km Lebuhraya Putrajaya-KLIA under a 33-year conc...

MARC has affirmed its AAAIS rating on tolled road concessionaire Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS holds a portfolio of tolled expressways, of which the 772-km North-South Expressway (NSE) is its key expressway and main contributor to group revenue. The rating incorporates a two-notch rating uplift from P...