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MARC Ratings has affirmed its ratings on Cagamas Berhad’s bonds and sukuk issuances as follows:MARC-1/MARC-1IS on Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billionAAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billionThe ratings outlook is stable. The key rating drivers remain Cagamas’...
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MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM245.0 million with a stable outlook. Leader Energy is the investment holding company of two solar power project companies Leader Solar Energy Sdn Bhd (LSE I) and Leader Solar Energy II Sdn Bhd (LSE II), which operate two solar faciliti...
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MARC Ratings has affirmed its AA-IS/Stable rating on Lebuhraya DUKE Fasa 3 Sdn Bhd's (DUKE 3) RM3.64 billion Sukuk Wakalah. DUKE 3 is the concessionaire for the 32-km Setiawangsa-Pantai Expressway (SPE) under a concession that runs through August 5, 2069. The rating continues to incorporate the adequately structured sukuk repayment profile that accommodates traffic ramp-up on SPE. The sukuk i...
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MARC Ratings has affirmed its AA+IS rating on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) and its AA-IS rating on UMW’s RM2.0 billion Perpetual Sukuk Programme. The two-notch rating differential between the two programmes is in line with MARC Ratings’ methodology on notching principles of subordinated and hybrid instruments. The out...
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MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. The long-term FI rating is notched down from the FI rating of its parent, China Construction Bank Corporation (CCB) of AAA based on publicly available information. The notching reflects our view that CCBM continues to be...
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MARC Ratings has affirmed its AA-, AA-IS and AIS ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme, RM1.5 billion Sukuk Murabahah Programme and RM1.0 billion Perpetual Sukuk Musharakah Programme. Concurrently, the rating agency has revised the outlook on all the ratings to negative from stable.The outlook revision is premised on the persistently high leverage posit...
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MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) with a stable outlook. The long-term FI rating of KFH Malaysia is notched down from the rating of its parent Kuwait Finance House KSC (KFH) of AAA/Stable based on public information. The one notch differential reflects MARC ...
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MARC Ratings has downgraded its rating on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme to A+IS(cg) from AA-IS(cg). TG Excellence is a wholly-owned funding vehicle of Top Glove Corporation Bhd whose corporate credit rating was concurrently lowered to AA from AA+. Top Glove has provided an irrevocable and unconditional guarantee on the perpetual sukuk. The ratings outlook...
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MARC Ratings has affirmed its MARC-1/AA- ratings on Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes. Concurrently, it has also affirmed its ratings of MARC-1IS(cg)/AA-IS(cg) on Sunway’s wholly-owned subsidiary Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programmes. Sunw...
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MARC Ratings has assigned a "Gold" Impact Assessment to Solarvest Holdings Berhad’s (Solarvest) Sustainability Sukuk Framework (the Framework). The Framework has been established to set the guiding principles for Solarvest’s issuances of Islamic financing instruments for specific eligible projects.MARC Ratings has assessed the Framework and is satisfied that it is aligned with the core compone...
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