MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM1,555.0 million (CMBS 2004-1) with a stable outlook. The rating action affects the final tranche (Series 4) of RM345.0 million bonds issued under CMBS 2004-1. The affirmed rating takes into account the robust credit enhancement levels of 233.5% based on outstanding principal of no...

MARC has assigned a national scale sovereign rating of ‘AAA’ to Malaysia with a stable outlook. The Malaysian national scale sovereign rating is essentially a local currency rating and does not capture foreign currency transfer and convertibility (T&C) risks. As the ‘AAA’ rating is the highest grade rating that can be assigned to any local or foreign domiciled ringgit M...

MARC has affirmed Malayan Banking Berhad’s (Maybank) long-term and short-term financial institution ratings of AAA/MARC-1 with a stable outlook. The ratings primarily reflect Maybank’s core commercial banking franchise whose sizeable domestic operations, sound asset quality measures, stable funding structure as well as resilient earnings generation continue to underpin the group’...

MARC has assigned a rating of BBB-IS to Senai-Desaru Expressway Berhad’s (SDEB) Islamic Medium-Term Notes (Restructured Sukuk) Programme of up to RM1.89 billion in nominal value with a stable outlook. The tenure of the Restructured Sukuk is at least 24 years and up to 39 years from the issuance date with the programme expiring before July 17, 2053. No proceeds will be raised under the Restru...

MARC has affirmed the long-term and short-term ratings on investment holding company WCT Holdings Berhad’s (WCT Holdings) existing debt and sukuk issuances as follows:RM100 million 7-year Islamic Commercial Paper/Medium-Term Notes (ICP/IMTN) at MARC-1ID/AA-ID; RM300 million 7-year ICP/IMTN at MARC-1ID/AA-ID;RM600 million 5-year Fixed Rate Serial Bonds at AA-; andRM1.0 billion 15-year MT...

MARC has affirmed its ratings on property developer LBS Bina Group Berhad’s (LBS Bina) RM135 million Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programme at MARC-1IS(fg) /AAAIS(fg) with a stable outlook. The affirmed ratings and outlook are underpinned by an irrevocable and unconditional Kafalah Guarantee provided by financial guarantee insurer Danajamin Nasional Berhad (...

MARC has affirmed its rating of AAAIS/Stable on Midciti Sukuk Berhad’s (MSB) RM880 million Islamic Medium-Term Notes Programme (Sukuk Programme) and subsequently withdrawn the rating following the early redemption of the outstanding sukuk on April 25, 2014.MSB is a wholly-owned funding vehicle of KLCC Real Estate Investment Trust (KLCC REIT), which owns PETRONAS Twin Towers, Menara 3 Petrona...

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 million Islamic Commercial Papers (ICP) with a combined limit of RM4.5 billion (ICP/IMTN Programme). The outlook of the ratings is stable. The affirmed ratings incorporate Sime Darby group’s well-diversified business profile that ...

MARC has withdrawn its AA+ rating on ABS Samudera Receivables Berhad’s (ASRB) RM250.0 million Medium-Term Notes Programme (MTN Programme) with immediate effect. The rating withdrawal follows the early full redemption of the outstanding RM1.3 million notes Series-A on December 26, 2013 and subsequently the cancellation of the facility as confirmed by the trustee, Pacific Trustee Berhad. Upon ...

MARC has affirmed the ratings of MARC-1IS /AA-IS on special purpose vehicle TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM100 million Sukuk Ijarah Commercial Papers (Sukuk ICP) and RM300 million Sukuk Ijarah Medium Term Notes (Sukuk IMTN) programmes with a stable outlook. As at February 28, 2014, TSH Ijarah has RM275 million outstanding notes. TSH Ijarah is a funding vehicle of Bursa Malaysia-li...