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MARC has assigned final short-term ratings of MARC-1/MARC-1ID respectively to Cagamas Berhad’s (Cagamas) Conventional and Islamic Commercial Paper (CCP/ICP) programmes with an aggregate combined limit of RM20.0 billion. The outlook on the ratings is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the CCP/ICP have not changed...
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MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk issued under the RM750.0 million Sukuk Musharakah Programme with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concessionaire of the 11.5-kilometre Cheras-Kajang Highway. Cerah Sama is also an investment vehicle for potential brownfield to...
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MARC has affirmed the AAAIS rating on tolled road concessionaire Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. The rating affirmation continues to incorporate a two-notch rating uplift from PLUS Berhad’s standalone rating of AA on the basis of support assumption from the Malaysian government with respect to the pr...
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MARC has affirmed its AAA financial institution rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating on the government-related entity, incorporates systemic support uplift from the institution’s standalone credit strength based on CGC’s public policy role to facilitate access to financing for small and medium enterprises (SME); and it...
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MARC has affirmed its insurer financial strength rating of AA- on Malaysian national rating scale on life insurer Atlanticlux Lebensversicherung S.A. (ATL). The outlook on the rating is stable. The affirmed rating is underpinned by ATL’s focus on underwriting relatively low-risk unit-linked life policies and maintaining a low retention of mortality risk. The rating is moderated by ATL&rsquo...
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MARC has assigned a preliminary rating of AAAIS with a stable outlook to Putrajaya Holdings Sdn Bhd’s (PJH) proposed RM370.0 million 15-year Sukuk Musharakah Programme. Concurrently, MARC has affirmed its existing debt ratings on PJH’s outstanding issuances as follows:RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS/stable;RM1.5 billion Sukuk Musharakah Medium Term Notes (...
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MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western Energy) Islamic Sukuk (sukuk) of up to RM4.0 billion with a stable outlook. TNB Western Energy is a wholly-owned funding vehicle of TNB Manjung Five Sdn Bhd (TNB Manjung Five), which is in turn a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five was incorporated to undertake the constructi...
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MARC has affirmed its ratings of AAAID(bg) on Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Bank-Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million with a stable outlook. The affirmed rating on the IMTN Programme reflects the credit quality of the unconditional and irrevocable guarantee provided by Public Bank Berhad (PBB) on which MARC has a public informati...
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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 ratings reflect CGIF’s strong capital position and claims-paying resources relative to its risk exposure, underpinned by its sound leverage policy and governance...
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MARC has affirmed its rating of A+IS on Alam Maritim Resources Berhad's (Alam Maritim, or the group) RM500 million Sukuk Ijarah Medium-Term Notes (Sukuk). The outlook on the sukuk rating is revised to negative from stable. The rating action affects RM230 million of outstanding notes issued under the rated programme. The negative outlook reflects a decline in revenue and consolidated earnings duri...
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