MARC has assigned a rating of AA-IS to Tanjung Bin O&M Berhad’s (formerly known as Sterling Asia Berhad) (Tanjung Bin O&M or the Issuer) RM470.0 million Islamic Securities (Sukuk Wakalah or Sukuk) with a stable outlook. The proceeds of the Sukuk issuance would be primarily utilised toward part-financing the acquisition costs of HICOM Power Sdn Bhd’s (HICOM Power) operations and...

MARC affirms 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 after the latest serial redemption of RM375.0 million on August 22, 2012. The affirmed rating on the residential mortgage-backed bonds continues to be supported by ...

MARC has assigned a preliminary rating of AA+ to CIMB Bank Berhad’s (CIMB Bank) proposed RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme (Subordinated Debt Programme). Concurrently, MARC has also affirmed the long-term and short-term financial institution (FI) ratings on CIMB Bank at AAA/MARC-1 and the ratings of all corporate debt issuances by the bank; the full list o...

MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The rating action affects outstanding sukuk of RM1,525.0 million. The affirmed rating reflects strong credit enhancement level and performance by the collateral pool which comprises seasoned mortgages of high credit quality. ...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM2,060.0 million (CMBS 2005-2) with a stable outlook. The rating action affects outstanding bonds of RM1,315.0 million. The affirmed rating is consider the strong credit enhancement levels for the outstanding bonds based on the transaction’s collection account balance of RM38...

MARC has affirmed its AAA financial institutions rating on Bank Pembangunan Malaysia Berhad (BPMB).  MARC has also affirmed its MARC-1ID/MARC-1 programme ratings on BPMB’s Islamic and/or Conventional Commercial Papers (CP) Programme of up to RM2.0 billion with a stable outlook.  The ratings reflect support from the Government of Malaysia on account of BPMB’s status as a wholl...

MARC has withdrawn its AAA(bg) and MARC-1(bg) ratings on Mega Palm Sdn Bhd’s Bank Guaranteed Medium Term Notes (MTN) of up to RM70 million and Bank Guaranteed Commercial Papers (CP) of up to RM80 million respectively. The withdrawal of the ratings follows the final redemption of the outstanding amount of RM10 million MTNs and RM33 million CPs on May 23, 2013 as confirmed by the facility agen...

MARC has withdrawn its AAAIS rating on IJN Capital Sdn Bhd’s RM209 million Sukuk Musyarakah Programme following the full redemption of the outstanding RM30 million on March 21, 2013 and cancellation of the programme as confirmed by the facility agent on May 20, 2013. MARC will no longer provide analytical coverage on the issuer upon withdrawal of the aforementioned rating.Contacts: Nisha Fer...

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 rating of MARC-1ID on the RM150 million Underwritten Murabahah Commercial Papers Facility has...

MARC has affirmed the AAA rating of 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 remaining RM345.0 million Series 4 bonds issued under CMBS 2004-1.Cagamas MBS, a wholly-owned subsidiary of Cagamas Holdings Berhad (Cagamas Holdings), is a special purpose vehicle incorporated sole...