MARC has downgraded the rating of Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes to AIS from A+IS. Concurrently, the outlook is revised to stable from negative. The rating action affects RM115 million of outstanding sukuk issued under the rated programme. The rating downgrade was driven mainly by Alam Maritim’s weakened business risk profile ari...

MARC has affirmed its AAA insurer financial strength (IFS) rating on Danajamin Nasional Berhad (Danajamin) with a stable outlook. The affirmed IFS rating is based on MARC’s assessment on the high probability of support from the Malaysian government to Danajamin. The assessment considers Danajamin’s status as a government-sponsored and -owned financial guarantee insurer (FGI) and its key role ...

MARC has affirmed the State of Kuwait’s (“Kuwait”) foreign currency sovereign rating of AAA with a stable outlook based on its 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 Kuwait has no debt rated by MARC. The rating also serves as a country ceiling for ringgit-denomin...

MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) and RM2.0 billion Tier 2 Junior Sukuk (Junior Sukuk) programme ratings at AAA/MARC-1 and AA+IS respectively. Concurrently, MARC has assigned a final rating of AA+IS to CIMB Islamic’s proposed RM5.0 billion Basel III-compliant Tier 2 Junior Sukuk (proposed Junior Sukuk) programme. The outlook on all ratings ...

MARC has affirmed the long-term and short-term financial institution (FI) ratings on CIMB Bank Berhad (CIMB Bank) at AAA/MARC-1 and accordingly affirmed the ratings on all its corporate debt issuances. In accordance with MARC’s general notching policy, the ratings on CIMB Bank’s existing subordinated debt and hybrid securities are notched down from the bank’s FI rating by one or two notches...

MARC has affirmed the rating of AAA(fg) on special purpose vehicle TRIplc Ventures Sdn Bhd’s (TVSB) RM240.0 million Senior Medium Term Notes (Senior MTN) Programme with a stable outlook. The rating and outlook reflect the credit strength of an unconditional and irrevocable guarantee on the Senior MTN obligations provided by Danajamin Nasional Berhad (Danajamin) which carries a financial insurer...

MARC has affirmed its AAAIS rating on special purpose vehicle Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The rating action affects the outstanding RM6.6 billion IMTNs issued under the rated programme. The rating reflects the credit strength of the Malaysian government as the sole paymaster of the sublease rental paym...

MARC has affirmed Kuwait Finance House (Malaysia) Berhad's (KFHMB) long-term and short-term financial institution (FI) ratings of AA+/MARC-1. The outlook on the ratings is stable. KFHMB’s long-term rating is notched down from the ratings of its parent Kuwait Finance House K.S.C. (KFH) in accordance with MARC’s approach to rating subsidiaries of foreign banks. The rating agency has affirmed th...

MARC has maintained its AA-IS rating with a stable outlook on MMC Corporation Berhad’s (MMC) RM1.5 billion Sukuk Murabahah Programme following its assessment on the impact of the debt-funded acquisition of NCB Holdings Berhad (NCB) on the group. MARC’s rating action has taken into account MMC’s deleveraging plan over the near term to address the spike in group borrowings and leverage levels...

MARC has affirmed financial institution (FI) ratings of A/MARC-1 to Bank Muamalat Malaysia Berhad (Bank Muamalat) and concurrently affirmed the AIS rating on the Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion. The outlook on the ratings is stable. MARC notes that Bank Muamalat and Malaysia Building Society Berhad (MBSB) have received an approval from Bank Negara Malaysia (BN...