MARC has assigned a preliminary rating of AA- with a stable outlook to Central Impression Sdn Bhd’s (CISB) proposed 11-year Fixed Rate Serial Bonds of up to RM120.0 million. The issuer is a single-purpose company which was established to own and develop AEON Klebang, a three-storey shopping mall in Ipoh, Perak. The proceeds from the bond issuance will be used to part finance the mall constr...

MARC has affirmed its AAAIS(fg) rating on investment holding company Senari Synergy Sdn Bhd’s (Senari Synergy) RM380 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook reflect the credit strength of an unconditional and irrevocable guarantee on the IMTN obligations provided by Danajamin Nasional Berhad (Danajamin) which carries a financ...

MARC has affirmed the ratings of MARC-1IS and AAAIS on Pinnacle Tower Sdn Bhd’s (Pinnacle Tower) RM50 million Islamic Commercial Papers (ICP) and RM400 million Islamic Medium Term Notes (IMTN) respectively with a stable outlook. Wholly-owned by Sacofa Sdn Bhd (Sacofa), Pinnacle Tower is a special purpose funding vehicle for its parent company which is involved in telecommunication infrastru...

MARC has withdrawn its rating of MARC-1ID(S) on Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Commercial Papers (ICP) Programme of up to RM70.0 million. The rating withdrawal follows the maturity of the facility on June 13, 2014 and subsequent cancellation as confirmed by the facility agent. MARC’s analytical coverage on Horizon Hills is now limited to the Islamic Bank-Gu...

MARC has assigned a preliminary rating of AA-IS on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) proposed RM1.0 billion Sukuk Murabahah Programme with a stable outlook. MHB is involved in offshore and marine services, in particular engineering and construction works, vessel conversion and repair services for the oil and gas sector. The proceeds from the sukuk issuance will be...

MARC has assigned a final rating of AA-IS to WCT Holdings Berhad’s (WCT Holdings) Sukuk Murabahah Programme of up to RM1.5 billion. The outlook on the ratings is stable.Full details on the assigned rating have been provided in WCT Holdings’ preliminary rating announcement on September 26, 2014. The full Credit Analysis Report is available on MARC’s website at www.marc.com.my.Con...

MARC has assigned a preliminary rating of AA-IS  to Jimah East Power Sdn Bhd’s (JEP) proposed Sukuk Murabahah Programme of up to RM8.4 billion. The outlook on the rating is stable. JEP is a 70:30 joint venture between Pelita Merpati Sdn Bhd (PMSB) and 3B Power Sdn Bhd (3B Power) that was set up to finance and develop a greenfield 2x1,000MW ultra-supercritical coal-fired power plant (Projec...

MARC has assigned a foreign currency sovereign rating of ‘AAA’ with a stable outlook to the State of Kuwait (Kuwait) based on the rating agency’s national rating scale. The government of Kuwait has no debt rated by MARC. The foreign currency debt country ceiling applies to ringgit-denominated issuances by entities domiciled in Kuwait to reflect the transfer and convertibility (T&...

MARC has affirmed its AAAIS and AAAID ratings with a stable outlook on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt programmes as follows:-RM3.0 billion Sukuk Musharakah Programme (due 2032);RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033); andRM2.2 billion Murabahah Medium-Term Notes (MMTN) Programme (due 2021).The ratings are based on PJH’s healthy finan...

MARC has assigned a foreign currency sovereign rating of ‘AAA’ with a stable outlook to the Republic of Singapore (Singapore) based on the rating agency’s national rating scale. The government of Singapore (GoS) has no debt rated by MARC; the country ceiling applies to ringgit-denominated issuances by entities domiciled in Singapore to reflect the transfer and convertibility (T&a...