MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS Berhad holds a portfolio of tolled expressways, of which the North-South Expressway (NSE) is its largest revenue source.The affirmed rating continues to incorporate a two-notch rating uplift from PLUS Berhad’s standalone rating...

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), as MARC views Sunrise as a core subsidiary of UEM Sunrise on the basis of the high degree of operational integration between them, the strong strategic f...

MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic or the bank) financial institution (FI) ratings at AAA/MARC-1 and concurrently affirmed its rating on CIMB Islamic’s RM2.0 billion Tier 2 Junior Sukuk Programme (Junior Sukuk) at AA+IS. The outlook on the ratings is stable. CIMB Islamic’s Junior Sukuk is rated one notch lower than its long-term financial institution ratin...

MARC has affirmed its ratings of MARC-1IS/AA-IS 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 for the ratings is stable. The ratings on UEM Sunrise incorporate a one-notch uplift ...

MARC has lowered its ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional Commercial Papers/Medium Term Notes (CP/MTN) Facility and Islamic Commercial Papers/Medium Term Notes (ICP/IMTN) Facility to MARC-1(cg) /AA+(cg) and MARC-1ID(cg) /AA+ID(cg) from MARC-1(cg) /AAA(cg) and MARC-1ID(cg) /AAAID(cg) respectively. The outlook for the ratings is revised to st...

MARC has withdrawn its AA-ID rating on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna’ Serial Bonds). The withdrawal follows the early redemption of all outstanding amounts under the Istisna’ Serial Bonds on December 31, 2013. Bayu Padu is a special purpose funding entity of SapuraKencana Petroleum Berhad. Upon the withdrawal of the rating, MAR...

MARC has withdrawn its MARC-1ID/AAAID ratings on MISC Berhad’s (MISC) RM1.0 billion Murabahah Commercial Papers/Medium Term Notes (Murabahah CP/MTN) programme. The withdrawal follows the expiry of the programme on December 27, 2013 as confirmed by the facility agent. There was no outstanding amount under the programme prior to its expiration. MARC’s analytical coverage on MISC is now l...

MARC has assigned a final rating of AAAIS to TNB Western Energy Berhad's (TNB Western Energy) sukuk issuance of up to RM4.0 billion with a stable outlook. Upon review of the final documentation of the forthcoming sukuk issuance, MARC is satisfied that the terms and conditions of the sukuk have not changed in any material way from the draft documents on which the earlier preliminary rating of AAAIS...

MARC has affirmed its AAAID rating on Kwantas SPV Sdn Bhd’s (Kwantas SPV) outstanding RM20.0 million Class A asset-backed Sukuk Ijarah and MARC-2ID(cg)/A-ID(cg) rating on Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme of up to RM65.0 million. The outlook for the ratings is stable. The rating of Murabahah CP/MTN Programme is equalised with Kwantas Corporation Berhad’s ...

MARC has removed the MARCWatch Negative placement on the rating of Press Metal Berhad’s (Press Metal) Redeemable Convertible Secured Loan Stock (RCSLS) and concurrently affirmed RCSLS’ rating at BBB with a negative outlook. The rating was placed on MARCWatch Negative on July 3, 2013 to enable the rating agency to assess the impact of the damage on Press Metal’s aluminium smelting...