MARC has assigned ratings on Sunway group’s existing debt and sukuk as follows: RM2.0 billion 7-year (2013-2020) CP/MTN programme issued by Sunway Berhad at MARC-1/AA-; and RM2.0 billion 7-year (2015-2022) ICP/IMTN Sukuk programme issued by Sunway Treasury Sukuk Sdn Bhd (STSSB) with Al-Kafalah guarantee from Sunway Berhad at MARC-1IS(cg) /AA-IS(cg). The ou...

MARC has withdrawn its rating of A+ID on DHTI Capital Sdn Bhd’s (DHTI Capital) RM10.0 million Junior Islamic Medium-Term Notes (IMTN) Facility. The rating withdrawal follows the full redemption and cancellation of the outstanding RM3.0 million notes on September 1, 2015 as confirmed by the facility agent on September 4, 2015. Upon the withdrawal of the rating, MARC will no longer be provid...

MARC has affirmed its rating on Talam Transform Berhad’s (Talam) outstanding RM53.1 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDs) at B-ID with a stable outlook. The rating incorporates Talam’s weak financial position and limited business prospects, as well as its continued reliance on timely asset disposals to meet substantial financial obligations. Talam’s borrow...

MARC has affirmed its AAA financial institution rating on Bank Pembangunan Malaysia Berhad (Bank Pembangunan) and MARC-1ID / MARC-1 programme ratings on the bank’s Islamic and/or Conventional Commercial Papers (CP) Programme of up to RM2.0 billion with a stable outlook. The ratings are premised on the high support uplift from the Malaysian government to Bank Pembangunan’s standalone cred...

MARC has assigned a AAA rating to Malayan Banking Berhad’s (Maybank) Senior Medium-Term Note (MTN) programme of up to RM10.0 billion in nominal value. The outlook on the rating is stable. The rating on the MTN is equalised to Maybank’s financial institution long-term rating of AAA/stable premised on the seniority of the MTN. The details on Maybank’s long-term and short-term financial institu...

MARC has assigned a preliminary rating of AA-IS to Jimah East Power Sdn Bhd’s (JEP) proposed Sukuk Murabahah of up to RM10.0 billion. The outlook on the rating is stable. The proceeds from the proposed Sukuk Murabahah will be used to develop, design and construct a 2x1,000-megawatt ultra-supercritical coal-fired power plant in Negeri Sembilan. National utility company Tenaga Nasional Berhad...

MARC has affirmed the long-term and short-term financial institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF Investment). The outlook on the ratings is stable. The affirmed ratings consider the investment bank’s strong capital position and healthy liquidity levels, underpinned by a conservative investment policy. Constraining the ratings is KAF Investment’s business model whic...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The affirmed rating incorporates the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with the offtaker Sabah Electricity Sdn Bhd (SESB). The PPA transfers demand risk and fuel price risk to SESB, an 83%-owned subsidiary of Tenaga Nasional Berhad ...

MARC has withdrawn its AAAID rating on Cagamas MBS Berhad’s RM515 million Tranche 4 sukuk issued under the RM2,050 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent.MARC’s analytical coverage on CMBS 2005-1 is now limited to the outstanding RM810 million under the remaining tranches ...

MARC has affirmed the Republic of Singapore’s 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 Singapore has no debt rated by MARC. The rating also serves as a country ceiling for ringgit-denominated de...