MARC has withdrawn its ratings of MARC-1(fg)/AAA(fg) on Riverson Corporation Sdn Bhd’s RM200.0 million Commercial Papers/Medium-Term Notes (CP/MTN) programme. The ratings withdrawal follows the full redemption and subsequent cancellation of the programme as confirmed by the facility agent. Upon the withdrawal of the ratings, MARC will no longer be providing analytical coverage on the issuer...

MARC has assigned a final rating of AAIS to Sime Darby Berhad’s (Sime Darby) RM3.0 billion Perpetual Subordinated Sukuk Programme (Perpetual Sukuk). The rating outlook is negative. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the Perpetual Sukuk have not changed in any material way from the draft documentation on which the earli...

MARC has withdrawn its AAA rating on Woori Bank’s RM1.0 billion Medium-Term Notes (MTN) programme. The rating withdrawal follows the full redemption of the outstanding notes and subsequent cancellation of the programme as confirmed by the facility agent on March 9, 2016. Upon the withdrawal of the rating, MARC will no longer be providing analytical coverage on the issuer. Contac...

MARC has affirmed its AAA rating with a stable outlook on Woori Bank’s RM1.0 billion Medium-Term Notes (MTN) programme. The rating incorporates MARC’s assessment of Woori Bank’s high systemic importance as South Korea’s second largest commercial bank with consolidated assets of KRW297.1 trillion, or about 14% of the banking system’s total assets, as at end-September 2015. MARC has a for...

MARC has revised its outlook on Alam Maritim Resources Berhad’s (Alam Maritim) AIS Sukuk Ijarah Medium-Term Notes rating to negative from stable. The negative outlook reflects the rating agency’s increased concerns on Alam Maritim’s weakening business prospects arising from the continued decline in its order book and the increasing challenges in winning new contracts in the current tough en...

MARC has assigned preliminary ratings of AA-IS and A- to special purpose company MEX II Sdn Bhd’s (MEX II) proposed RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds). The outlook on the ratings is stable. The three-notch rating differential between the Sukuk Murabahah and Junior Bonds reflects the latter’s subordinated position, i...

MARC has received confirmation from TNB Northern Energy Berhad (TNB Northern Energy) that its power plant achieved commercial operation date (COD) on February 20, 2016 following a delay from the initial COD on January 1, 2016. TNB Northern Energy has received the Commissioning Test Certificate from the Energy Commission. MARC views TNB Northern Energy’s achievement of plant COD as an impo...

MARC has affirmed its debt ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances as follows: RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS / stable; RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS / stable; RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS / stable; and RM2.2 billion Murabahah Mediu...

MARC has assigned a preliminary rating of AAAIS with a stable outlook to Putrajaya Bina Sdn Bhd’s (PBSB) proposed Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM1.58 billion. Proceeds from the issuance will part fund the RM1.9 billion development costs for nine blocks of government office buildings and one block of shared facilities that PBSB will undertake under a concession fr...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concessionaire of the 11.5-kilometre Cheras-Kajang Highway. Cerah Sama also serves as an investment vehicle of its major shareholders, Taliworks Corporation Berhad and Employees Provident Fund...