MARC has assigned a final rating of AA to CIMB Group Holdings Berhad’s (CIMB Group) RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme (sub-debt programme). The outlook on the rating is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the sub-debt programme have not changed in any material way from the dra...

MARC has downgraded the long-term ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Medium-Term Notes Programmes to AA-(cg) and AA-ID(cg) from AA(cg) and AAID(cg) respectively. Concurrently, the short-term rating on the Conventional Commercial Papers Programme has been maintained at MARC-1(cg). The outlook on all ratings remains negative. ...

MARC has affirmed its rating of AAAIS(fg) on Symphony Life Berhad’s (Symphony Life) RM230.0 million seven-year Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin), which carries MARC’s financial strength rating of AAA/stable. T...

MARC has affirmed its AAA(fg) rating on KMCOB Capital Berhad’s (KMCOB) guaranteed serial bonds of up to RM320 million with a stable outlook. The rating and outlook are premised on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin), which carries MARC’s insurer financial strength rating of AAA/stable. KMCOB is the funding vehicle of its...

MARC has affirmed its AAA(bg) and AAA(fg) ratings on Premier Merchandise Sdn Bhd’s (Premier Merchandise) RM300 million 7-year bank-guaranteed Medium-Term Notes (MTN) Programme (Tranche 1) and RM300 million 9-year Danajamin-guaranteed MTN Programme (Tranche 2) respectively. The outlook for the ratings is maintained at stable. The ratings are underpinned by the credit strength of the unconditiona...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million Medium-Term Notes Programme (MTN) with a stable outlook. The rating is primarily driven by Sports Toto’s strong cash flow generation from its Numbers Forecasting Operations (NFO) and its entrenched market position in the domestic gaming industry. The rating is constrained by the periodic licens...

MARC has assigned corporate credit ratings of AA+/MARC-1 to CIMB Group Holdings Berhad (CIMB Group) and concurrently assigned a preliminary rating of AA to the group’s proposed RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme (sub-debt programme). The outlook on all of the ratings is stable. The one-notch rating differential between CIMB Group’s long-term corporate credit...

MARC has affirmed its rating of AA- with a stable outlook on Central Impression Sdn Bhd’s (CISB) 11-year Fixed Rate Serial Bonds of RM120.0 million. The issuer is a single-purpose company that was established to own and develop the three-storey shopping mall AEON Klebang in Ipoh, Perak. The rating incorporates the strong creditworthiness of the principal tenant, AEON Co. (M) Berhad (AEON), whic...

MARC has affirmed the AAAID rating on Gas Malaysia Berhad’s (Gas Malaysia) RM500 million Al-Murabahah Medium-Term Notes (MTN) programme with a stable outlook. The rating reflects Gas Malaysia’s strong domestic competitive position in natural gas distribution, derived from its status as the only company licensed to supply and sell reticulated natural gas of below 5 mmscfd under long-term contr...

MARC has assigned a final rating of AA-IS to Jimah East Power Sdn Bhd’s (JEP) Sukuk Murabahah of up to RM10.0 billion. The outlook on the rating is stable. The final rating takes into account the amendments made to the issue structure and terms of the rated issuance since the preliminary rating was announced on September 2, 2015. The key amendment requires the project sponsors, Tenaga Nasional ...