MARC has affirmed its AAAIS(fg) rating on investment holding company Senari Synergy Sdn Bhd’s (Senari Synergy) RM380 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook are underpinned by the unconditional and irrevocable guarantee on the IMTN obligations provided by Danajamin Nasional Berhad (Danajamin) which carries a financial insurer ra...

MARC has affirmed the ratings of MARC-1IS and AAAIS on Pinnacle Tower Sdn Bhd’s (Pinnacle Tower) RM50 million Islamic Commercial Papers (ICP) and RM400 million Islamic Medium-Term Notes (IMTN) respectively with a stable outlook. The affirmed ratings and stable outlook are premised on the outstanding principal and profit payments totalling RM92.5 million under the ICP/IMTN programmes being ...

MARC has affirmed its AAAID(S) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating action affects the outstanding BaIDS of RM30.0 million. The rating is aligned to MARC’s public assessment on the Sarawak State Government (SSG) on the basis of KPA’s status as a state-owned statutory body and state ...

MARC has affirmed its long-term ratings on WCT Holdings Berhad’s (WCT Holdings) debt and sukuk issuances but has revised the ratings outlook to negative from stable. WCT Holdings’ rated debt and sukuk issuances are as follows: RM600.0 million 5-year Fixed Rate Serial Bonds (due December 2015) at AA-; RM1.0 billion 15-year MTN Programme (due April 2028) at AA-; and RM1.5 billion 15...

MARC has affirmed its AAIS rating on toll road concessionaire ANIH Berhad's (ANIH) RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. The rating is premised on ANIH’s overall stable traffic performance from a portfolio of matured toll road concessions from which cash flow generation remains sufficient to meet its financial obligations. The rating is also supported by the sub...

MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed rating and outlook are underpinned by the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which carries MARC’s financial strength rating of AAA with a stable outlook. Antara’...

MARC has affirmed Indonesia’s foreign currency sovereign rating of AA- 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 Indonesia has no debt rated by MARC. The rating also serves as a country ceiling for ringgit-denominated debt iss...

MARC has assigned a rating of AA-IS with a stable outlook to MMC Corporation Berhad’s (MMC) proposed notes issuance of up to RM1.5 billion under a Sukuk Murabahah Programme (Sukuk Murabahah). The bulk of the proceeds from the proposed programme will be largely utilised to refinance MMC’s existing borrowings at the holding company level. MMC is mainly an investment holding company whose k...

MARC has assigned the ratings of MARC-1IS /AA-IS to special purpose entity TSH Sukuk Murabahah Sdn Bhd’s (TSH Murabahah) proposed RM50.0 million Islamic Commercial Paper (ICP) and RM150.0 million Islamic Medium-Term Note (IMTN) programmes. The ratings carry a stable outlook. The proceeds from the issuances under the proposed programmes will be utilised by its parent company, TSH Resources Bhd (...

MARC has lowered the rating of Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme to AA+IS from AAAIS. The outlook is revised to stable from negative. CNSB provides network telco services to Celcom Axiata Berhad (Celcom) through network telco assets that it acquired from the parent in an earlier internal reorganisation. Given the financial and operational links between bot...