MARC has affirmed its AAA/MARC-1 financial institution (FI) ratings on Maybank Islamic Berhad (Maybank Islamic) and AA+IS rating on Maybank Islamic’s RM1.0 billion Islamic Subordinated Sukuk (Subordinated Sukuk). The rating outlook is stable. The Subordinated Sukuk qualifies as Tier-2 capital and is rated one notch lower than the bank’s FI rating in accordance with MARC’s notchin...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2005-2) of RM2,060.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,315.0 million issued under CMBS 2005-2. The rating essentially reflects the strong credit enhancement of 169.4% based on outstanding principal of non-defaulted mortgages of ...

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

MARC has withdrawn its ratings of AAID on Tele-Flow Capital Sdn Bhd’s RM10.0 million Junior Islamic Medium-Term Notes Facility. The rating withdrawal follows the final redemption of the outstanding RM5.0 million notes under the facility and the cancellation of the same on May 28, 2014 as confirmed by the facility agent.Upon the withdrawal of the rating, MARC will no longer be providing analy...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2007-2) of RM2,410.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,520.0 million. The rating on the residential mortgage-backed bonds continues to be supported by the strong credit enhancement of 143.7% based on the outstanding principal of...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. The rating and outlook are equalised with those of the project sponsor, Tenaga Nasional Berhad (TNB), which has provided credit substitution in the form of explicit project completion support and rolling guarantees in favour of the sukukholde...

MARC has withdrawn its AA-ID rating/stable outlook on Maju Expressway Sdn Bhd’s (MESB) RM550.0 million Islamic Medium-Term Notes (IMTN) Programme at the issuer’s request. This follows the approval and consent via a resolution from the noteholders for the withdrawal of the rating on May 7, 2014, following the purchase of the outstanding IMTN by parent company Bright Focus Berhad on Janu...

MARC has affirmed the rating of Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) at AAAIS with a stable outlook. The rating action affects RM1,525.0 million of outstanding sukuk. The affirmed rating reflects CMBS 2007-1-i’s strong credit enhancement level of 133.8% based on an account balance of RM312.5 million and outstanding ...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah Programme of up to RM2.0 billion with a stable outlook. The rating reflects Westports’ strong competitive position in transshipment services in the region, its strong operational track record and cash flow generation. The rating is, however, moderated by the group’s container throughpu...

MARC has affirmed the rating of Cagamas MBS Berhad’s (Cagamas MBS) RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) at AAAID with a stable outlook. The rating action affects the outstanding RM1,325.0 million sukuk issued under CMBS 2005-1. The affirmed rating reflects strong credit enhancement level on CMBS 2005-1 supported by account balance of RM613.2 million and outs...