MARC has affirmed its ratings of AA-IS and AIS on DRB-HICOM Berhad’s (DRB-HICOM) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.8 billion and Perpetual Sukuk Musharakah Programme (Perpetual Sukuk) of up to RM2.0 billion respectively. The ratings outlook has been revised to negative from stable. The outlook revision is mainly driven by the impact of the challenges in the domestic a...

MARC has affirmed its AAA(bg) rating on Boustead Holdings Berhad’s (Boustead) RM1.0 billion Bank-Guaranteed Medium-Term Notes (BG MTN) programme with a stable outlook. The rating reflects the credit strength of the syndicated bank guarantee facility provided by OCBC Bank (Malaysia) Berhad (OCBC Malaysia), Public Bank Berhad (Public Bank), Malayan Banking Berhad (Maybank) and The Bank of East As...

MARC has affirmed its ratings of A+ and A on special purpose vehicle RCE Advance Sdn Bhd’s (RCEA) outstanding RM15 million Class A and RM20 million Class B notes respectively under the RM420 million Fixed Rate Medium-Term Notes (MTN) Programme. Concurrently, the rating on the outstanding RM40 million Class C notes under the same programme has been lowered to BBB from BBB+. The outlook on the ra...

MARC has assigned a preliminary rating of AAIS to Sime Darby Berhad’s (Sime Darby) Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion, and has affirmed the ratings of MARC-1ID/AAAID on the existing RM4.5 billion Islamic Medium Term Note (IMTN) Programme and RM500.0 million Islamic Commercial Paper/Islamic Medium Term Note (ICP/IMTN) Programme with...

MARC has affirmed its AAA financial institution rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating incorporates a high systemic support uplift from CGC’s standalone credit profile based on its public policy role as a development financial institution (DFI) and its majority ownership by the central bank, Bank Negara Mal...

MARC has affirmed the rating of AAAIS on TNB Western Energy Berhad’s (TNB Western Energy) Islamic Sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding vehicle of TNB Manjung Five Sdn Bhd (TNB Manjung Five) to undertake the construction of a 1,000MW ultra-supercritical coal-fired power plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional...

MARC has affirmed national mortgage corporation Cagamas Berhad’s (Cagamas) debt issue ratings as follows: Conventional and Islamic Commercial Paper (CP/ICP) Programmes with an aggregate combined limit of RM20.0 billion at MARC-1/ MARC-1ID respectively; Conventional and Islamic Medium-Term Notes (MTN/IMTN) Programmes of up to RM40.0 billion at AAA / AAAID respectively; and ICP and IMT...

MARC has affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 on Hong Kong-based The Bank of East Asia, Limited (BEA). The outlook on the ratings is stable. The affirmed ratings reflect the bank’s capacity to meet its financial obligations on the Malaysian national rating scale. MARC views BEA’s healthy capital position, strong earnings track record and fundi...

MARC has affirmed its long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee and Investment Facility (CGIF) with a stable outlook. The ratings are based on Malaysia’s national rating scale. The ratings affirmation reflects CGIF’s strong capital position and conservative liquidity management, underpinned by its sound policy guidelines and governance structure. C...

MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme. The rating outlook is revised to negative from stable. The outlook revision to negative mainly reflects MHB’s small outstanding order book and the increasing challenges the company faces over the intermediate term to improve its order book replenish...