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MARC has affirmed the ratings of MARC-1IS /AA-IS on TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM100.0 million Sukuk Ijarah Commercial Papers (Sukuk ICP) and RM300.0 million Sukuk Ijarah Medium-Term Notes (Sukuk IMTN) programmes with a stable outlook. TSH Ijarah is a special purpose funding vehicle created to facilitate the issuance of the notes under the rated programmes for its parent compan...
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MARC has affirmed its AAA rating on Woori Bank’s RM1.0 billion Medium-Term Notes (MTN) programme. The outlook on the rating is maintained at stable. The affirmed rating reflects Woori Bank’s strong banking operations in the Republic of Korea (South Korea), its stable funding and liquidity profiles as well as its sound capitalisation. The rating also considers Woori Bank’s contin...
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MARC has suspended its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) Sukuk Murabahah Programme (Sukuk) of up to RM8.4 billion. Since assigning the rating on the Sukuk on October 28, 2014, the long delay to the issuance of Sukuk and the original scheduled financial close of JEP’s proposed development of 2x1,000MW ultra-supercritical coal-fired power plant in Negeri Sembilan (Project 3B) has...
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MARC has withdrawn its AA-IS rating on Weststar Capital Sdn Bhd’s RM900 million Sukuk Mudharabah Programme. The rating withdrawal follows the early redemption and subsequent cancellation of the Sukuk Mudharabah Programme on February 27, 2015 as confirmed by the facility agent.Upon the withdrawal of the rating, MARC will no longer be providing analytical coverage on the issuer.Contacts: Koh ...
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MARC has affirmed A+ID and AA-(bg) ratings on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM510 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM365 million Bank Guaranteed Serial Fixed Rate Bonds (BG bonds) respectively. The outlook on the ratings is stable. SPRINT is the owner and concessionaire of three interlinked highways namely the Damansara Link, Kerinchi L...
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MARC has withdrawn its ratings of MARC-1IS(fg) /AAAIS(fg) on LBS Bina Group Berhad’s RM135.0 million Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programme. The ratings withdrawal follows the early redemption of the outstanding notes under the ICP/IMTN programme and the cancellation of the same on February 12, 2015 as confirmed by the facility agent. Upon the withdrawal of...
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MARC has affirmed its rating of AA-ID on Sunrise Berhad’s (Sunrise) RM400 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. Sunrise’s rating is equalised to that of its parent, UEM Sunrise Berhad (UEM Sunrise), premised on MARC’s assessment of Sunrise’s position as a core subsidiary of UEM Sunrise. This is evidenced by the high degree of operational...
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MARC has affirmed its MARC-1IS /AA-IS ratings on property developer UEM Sunrise Berhad’s (UEM Sunrise) Islamic Commercial Paper (ICP) Programme and Islamic Medium- Term Notes (IMTN) Programme with a combined nominal value of RM2.0 billion and a sub-limit of RM500.0 million on the ICP Programme. The outlook on the ratings is stable. UEM Sunrise’s long-term rating benefits from a ...
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MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AAA and Islamic debt rating of AAAID on its outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The outlook on the ratings is stable. The ratings continue to incorporate a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect the high likelihood of government support stemming fr...
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MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is the funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT) for the construction of two additional gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area (JDA) in the Gulf of Thailand to the industrial city of Rayong in T...
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