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MARC Ratings highlights that Alpha Circle Sdn Bhd has not made the principal payment on the outstanding Senior Sukuk Musharakah of RM60 million and Junior Sukuk Musharakah of RM55 million due on May 31, 2023. This is due to insufficient funds in the designated account.We understand that sukukholders are likely to provide further indulgence on the repayments, failing which the sukuk ratings will be...
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MARC Ratings has withdrawn its MARC-1IS rating on UEM Sunrise Berhad’s sub-limit RM500.0 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the expiry of the programme as confirmed by the facility agent on May 29, 2023. Following the expiry, UEM Sunrise has only one ICP programme under its ICP/Islamic Medium-Term Notes (ICP/IMTN-3) Programme with a combined nominal ...
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MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating reflects the credit strength of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work completed by KAJV for the Kuala Terengganu Utara (KTU) water suppl...
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MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. The affirmed rating remains driven by TNB’s status as the principal electricity utility in Malaysia with a monopoly on electricity transmission in Peninsular Malaysia and Sabah, as well as its significant electricity distribution and generation capacity. This is tempered by the p...
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MARC Ratings has placed its AAIS rating on toll road concessionaire ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah programme on MARCWatch Negative. The rating action has been precipitated by issues that were raised during the sukukholders’ meeting held on May 9, 2023, in the wake of the new supplemental concession agreement (SCA) ANIH had entered with the government for its Kuala Lum...
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MARC Ratings has affirmed its AAAIS/MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The outstanding under the programmes stood at RM241.0 million as at end-April 2023. The ratings outlook is stable.GMD is the sole owner of the natural gas distributi...
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MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. 7-Eleven Holdings’ established market position, strong financial performance and long operating track record in the convenience store segment remain key rating drivers. The rating has incorporated the strong growth pro...
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MARC Ratings is providing this update on ANIH Berhad in connection with the concessionaire’s new supplemental concession agreement (SCA) with the government. The SCA follows ANIH’s existing concession agreement on Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) expiring in 2032. ANIH currently has an outstanding RM1.48 billion sukuk under the existing RM2.5 bi...
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MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion with a stable outlook. Yinson’s established track record in providing floating, production, storage and offloading vessels (FPSOs) for the oil and gas industry, its strong earnings visibility from sizeable charter contracts, and healthy profit margins remain k...
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MARC Ratings has assigned final ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a stable outlook. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way from the draft document...
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