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MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. The affirmed rating reflects Westports’ strong market position as a transhipment hub in the region through its operations of five conventional terminals and seven container terminals that have a total handling capacity of 11 million twenty-foot ...
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MARC has affirmed its rating of BBB-IS on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. The affirmed rating reflects Senai-Desaru Expressway’s (SDE) satisfactory traffic performance in line with revised projections, and SDEB’s improved cash flow coverage from the accommodative amortisation s...
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MARC affirmed its AAAID rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The rating action affects the outstanding RM1,325.0 million sukuk issued under CMBS 2005-1. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of co...
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MARC has assigned a preliminary rating of AA-IS to Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) proposed issuance of RM210.0 million Sukuk Murabahah (sukuk). The outlook on the rating is stable. The proceeds from the issuance will be mainly utilised to facilitate the roll-over of Grand Sepadu’s existing bridging loan of RM200 million that was taken to part-finance the acquisition of asse...
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MARC has affirmed Malaysia’s sovereign rating of AAA with a stable outlook based on its national scale. The AAA rating reflects MARC’s opinion on the sovereign’s ability to meet its local currency obligations. The rating of AAA represents the sovereign’s ordinal ranking of creditworthiness within the country and excludes foreign currency transfer and convertibility risks. ...
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MARC has assigned an insurer financial strength rating of AA+ to Bermuda-based International General Insurance Co. Ltd. (IGI). The outlook on the rating is stable. The assigned rating reflects MARC’s assessment on the ability of IGI to meet its insurance obligations on Malaysia’s national rating scale. The rating considers IGI’s competitive underwriting capabilities, diverse bus...
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MARC has affirmed the ratings of MARC-1/AA- on IJM Corporation Berhad’s (IJM) RM1.0 billion Commercial Paper/Medium-Term Notes Programme (CP/MTN). The outlook on the long-term rating is revised to negative from stable. The outstanding notes under the programme comprise RM300.0 million CPs and RM250.0 million MTNs. The negative outlook incorporates the challenging prospects for IJM group&rsqu...
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MARC has affirmed its MARC-1ID/AAAID ratings on Sime Darby Berhad’s (Sime Darby) RM4.5 billion Islamic Medium-Term Notes Programme (IMTN Programme) and RM500.0 million Islamic Commercial Papers (ICP) with a combined limit of RM4.5 billion (ICP/IMTN Programme). The outlook on the ratings is stable. MARC’s rating affirmation takes into consideration the challenging operating environment ...
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MARC has assigned a final rating of AAAIS to Putrajaya Holdings Sdn Bhd’s (PJH) RM370 million 15-year Sukuk Musharakah programme. The outlook on the rating is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the Sukuk Musharakah programme have not changed in any material way from the draft documentation on w...
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MARC has affirmed its AAAID rating on MISC Berhad's (MISC) RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable. The rating incorporates significant rating uplift from MISC’s standalone credit profile based on the rating agency’s assessment of very strong parental support from Petroliam Nasional Berhad (PETRONAS). In assessing parental support,...
This article has been viewed 1490 times.