MARC has affirmed its rating of AA-ID on Sunrise Berhad’s (Sunrise) RM400 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating affects the outstanding RM100.0 million IMTNs issued under the programme. The rating reflects the equalisation of Sunrise’s rating to its parent UEM Sunrise Berhad’s (UEM Sunrise) rating of AA-/Stable. MARC’s approach takes int...

MARC has affirmed its ratings of MARC-1/AA on Murud Capital Sdn Bhd’s (Murud Capital) Senior Commercial Papers/Medium-Term Notes Programme (Senior CP/MTN Programme) of up to RM290 million. The outlook on the ratings is stable. Murud Capital currently has an outstanding RM279 million Senior CP under the Senior CP/MTN Programme while there are no outstanding issuances under the unrated Junior CP/...

MARC has withdrawn its AA+IS rating on Maybank Islamic Berhad’s (Maybank Islamic) RM1.0 billion Islamic Subordinated Sukuk (Subordinated Sukuk). The rating withdrawal follows the full redemption and cancellation of the Subordinated Sukuk on March 31, 2016 as confirmed by the facility agent. MARC continues to maintain its financial institution ratings on Maybank Islamic at AAA/MARC-1/Stab...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AAA and Islamic debt rating of AAAID on its outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The rating outlook is stable. The ratings continue to benefit from a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect the high likelihood of government support for the company given its crit...

MARC has affirmed the ratings of MARC-1/AA- on IJM Corporation Berhad’s (IJM) RM1.0 billion Commercial Paper/Medium-Term Notes Programme (CP/MTN). The outlook on the long-term rating is revised to stable from negative. The outlook revision is premised on IJM’s improved balance sheet position and positive business prospects arising primarily from a sharp increase in construction order boo...

MARC has affirmed its ratings on special purpose company Inverfin Sdn Bhd’s (Inverfin) Tranche A notes and Tranche B notes at AAA and AA respectively with a stable outlook. Inverfin currently has outstanding RM160 million Tranche A notes while Tranche B notes have not been issued as at date. The notes are secured by a first legal charge over Inverfin’s 50-storey Menara Citibank building ...

MARC has affirmed its AAAID rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable. The rating incorporates a three-notch rating uplift from MISC’s standalone rating based on MARC’s assessment of very strong parental support from Petroliam Nasional Berhad (PETRONAS) which carries a AAA/stable rating from the rating agency. The sup...

MARC has affirmed its A+ID and AA-(bg) ratings on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM510 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and RM365 million Bank-Guaranteed Serial Fixed Rate Bonds (BG bonds) respectively. The outlook on the ratings is stable. The RM510 million BaIDS will commence its yearly repayment in 2016 while the outstanding RM41 million B...

MARC has affirmed the ratings of AAA/AAAID on The Export-Import Bank of Korea’s (KEXIM) Conventional and/or Islamic Medium-Term Notes (MTN) programmes with a combined nominal value of RM3.0 billion and AAA on KEXIM’s RM1.0 billion MTN programme. The outlook on the ratings is stable. KEXIM’s ratings are equalised to the Republic of Korea’s (South Korea) AAA/stable rating from MARC on the n...

MARC has withdrawn its ratings of MARC-1IS and AAAIS on Pinnacle Tower Sdn Bhd’s RM50.0 million Islamic Commercial Papers (ICP) and RM400.0 million Islamic Medium-Term Notes (IMTN) respectively. The ratings withdrawal follows the full redemption and cancellation of the programmes as confirmed by the facility agent. Upon the withdrawal of the ratings, MARC will no longer be providing analyt...