MARC has affirmed its ratings on national mortgage corporation Cagamas Berhad’s bonds and sukuk issues as follows: Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion at MARC-1/ MARC-1IS ; and Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion at AAA / AAAIS The outlook on all ratin...

MARC has affirmed the long-term and short-term financial institution (FI) ratings of AA- and MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. The affirmed ratings primarily reflect KAF IB’s low-risk business model and strong liquidity and capitalisation levels, underpinned by a conservative investment strategy. The rating is moderated by the susceptibility of KAF IB’s...

MARC has assigned a financial institution (FI) rating of AAA to Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) with a stable outlook. The AAA rating primarily reflects SME Bank’s status as a development financial institution (DFI) that has received support from the government for its mandated role to assist in the growth of small and medium e...

MARC has affirmed its ratings of AAAIS and AA+IS on Danajamin Nasional Berhad’s (Danajamin) Senior and Subordinated Sukuk Murabahah of up to RM2.0 billion under its Sukuk Murabahah programme. Concurrently, the rating agency has affirmed the insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin. The outlook on all ratings is stable. The one-notch rat...

MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB). Concurrently, the rating agency affirmed its rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The outlook on the ratings is stable. The affirmed FI ratings reflect IsDB’s strong capitalisation, healt...

MARC has assigned long- and short-term financial institution (FI) ratings of AA+/MARC-1 to China Construction Bank (Malaysia) Berhad (CCBM). The long-term rating of CCBM is notched down from its parent China Construction Bank Corporation’s (CCB) AAA rating from MARC based on publicly available information. The outlook on all ratings is stable. The one-notch long-term rating differential between...

MARC has withdrawn its financial institution (FI) ratings of AAA/MARC-1 on Malayan Banking Berhad (Maybank), as well as its AAA rating on Maybank’s RM10.0 billion Senior Medium-Term Notes programme. The ratings carried a stable outlook. The ratings withdrawal is at the request of the issuer. Contacts: Douglas De Alwis, +603-2717 2965/ douglas@marc.com.my; Mohd Izazee Ismail, +603-2...

MARC has affirmed its financial institution (FI) rating of AAA on The Export-Import Bank of Korea (KEXIM) and the issue rating of AAA on its Medium-Term Notes programme of RM1.0 billion. The FI and issue ratings are based on the domestic rating scale. The outlook on the ratings is stable. The FI rating on KEXIM is equalised to the Republic of Korea’s (South Korea) AAA/stable rating from MA...

MARC has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB). The IMR rating on KIB reflects the fund management company’s well-established investment processes, sound risk management practices and strong operating track record. These factors are moderated by a modest assets und...

MARC has affirmed its long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee and Investment Facility (CGIF) with a stable outlook. The ratings are based on Malaysia’s national rating scale. The affirmed ratings reflect CGIF’s strong capital and liquidity position which are underpinned by sound policy guidelines and governance structure established by the ...