MARC has affirmed its insurer financial strength rating of AA- on Luxembourg-based Atlanticlux Lebensversicherung S.A. (ATL). The rating is based on the Malaysian national rating scale. The affirmed rating reflects ATL’s low business risk of primarily underwriting unit-linked life insurances, its low retention of mortality risk and steady profitability track record. These positive factors are m...

MARC has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) respectively. The outlook on both ratings is stable. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinate position to the...

MARC has withdrawn its AAAID(S) rating on Kuching Port Authority’s RM180 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating withdrawal follows the full redemption and subsequent cancellation of the BaIDS on December 23, 2015 as confirmed by the facility agent. Upon the withdrawal of the rating, MARC will no longer be providing analytical coverage on the issuer. ...

MARC has withdrawn its rating of AA- on WCT Holdings Berhad’s (WCT Holdings) RM600.0 million Fixed Rate Serial Bonds. The rating withdrawal follows the full redemption of the outstanding RM300.0 million bonds on December 28, 2015 and cancellation of the bond facility as confirmed by the facility agent. MARC’s analytical coverage on WCT Holdings is now limited to the following rated debt ...

MARC has withdrawn its ratings of AAA(IS) and AA+(IS) on Tradewinds Plantation Capital Sdn Bhd’s RM180.0 million Class A and RM30.0 million Class B asset-backed Sukuk Ijarah respectively. The ratings withdrawal follows the full redemption of the outstanding Class A and Class B Sukuk Ijarah and subsequent cancellation of the programmes on December 18, 2015. Upon the withdrawal of the rating...

MARC has withdrawn its AAA rating on Cagamas MBS Berhad’s RM320 million Tranche 4 bonds issued under the RM2,060 million asset-backed fixed rate serial bonds (CMBS 2005-2). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. MARC’s analytical coverage on CMBS 2005-2 is now limited to the outstanding RM995 million under the remaining tranch...

MARC has affirmed Hong Kong Special Administrative Region of China’s (Hong Kong) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s 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 Hong Kong has no debt rated by MARC. The rating also serves as a c...

MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and the RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The outlook for the ratings is stable. The affirmed ratings reflect the unconditional and irrevocable guarantees ...

MARC has affirmed the ratings of MARC-1(fg)/AAA(fg) on Riverson Corporation Sdn Bhd’s (Riverson) RM200.0 million CP/MTN facility with a stable outlook. The outstanding amount under the rated programme currently stands at RM100.0 million. The affirmed ratings and outlook are based on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which ca...

MARC has affirmed the ratings of AA-IS and AIS on Alpha Circle Sdn Bhd’s (Alpha Circle) RM540 million Senior Sukuk Musharakah (Senior Sukuk) and RM55 million Junior Sukuk Musharakah (Junior Sukuk) with a stable outlook. The two-notch rating differential between the Senior Sukuk and the Junior Sukuk reflects the latter’s subordinated ranking in priority of payment and security. The affirm...