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MARC Ratings has assigned a "Bronze" Impact Assessment to Global Vision Logistics Sdn Bhd’s (GVL) Sustainability Financing Framework (the Framework). GVL is a joint venture company with four shareholders being Hartamas Mentari Sdn Bhd (30%), Swift Haulage Berhad (25%), Ideal Force Sdn Bhd (15%) and Aspen Vision Properties Sdn Bhd (30%), whose principal activities are that of a property investmen...
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MARC Ratings has assigned a "Gold" Impact Assessment to Sunway Healthcare Treasury Sdn Bhd’s Sustainability Financing Framework (the Framework). Sunway Healthcare Treasury is a wholly-owned subsidiary of Sunway Healthcare Holdings Sdn Bhd (SHH) where SHH is the immediate holding company of Sunway Healthcare Group (SHG). The Framework sets out the guidelines for issuances of financing instruments...
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MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad’s asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds issuances (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. The affirmed ra...
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MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The outlook on all ratings is stable.The affirmed ratings reflect the loan-to-value (LTV) ratios of the classes that are within the benchmarks of 43.0%, 51.0% and 55.0% MARC Ratings sets for the rat...
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MARC Ratings is providing this update on MY E.G. Services Berhad (MYEG) following a news report that immigration-related services and processes will be directly undertaken in-house by Jabatan Imigresen Malaysia from 2025 onwards. Furthermore, changes to road tax and driving license requirements under the digitalisation process of Jabatan Pengangkutan Jalan have now been announced. As MYEG is a lon...
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MARC Ratings has assigned a "Gold" Impact Assessment to UDA Holdings Berhad’s (UDA) Sustainability Sukuk Framework (the Framework). The Framework has been established to set the guiding principles for UDA’s issuances of Islamic financing instruments (Sustainability Sukuk) for specific eligible projects.MARC Ratings has assessed the Framework and is satisfied that it is aligned with the core co...
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MARC Ratings has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA/Stable based on its national rating scale. The rating reflects Kuwait’s significant fiscal and external buffers. These credit strengths are, however, balanced by credit concerns that include its heavy reliance on the oil sector, political tensions that continue to affect policymaking, and weak gov...
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MARC Ratings has withdrawn its MARC-1IS rating on TSH Sukuk Murabahah Sdn Bhd’s RM50 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the termination of the programme upon expiry as confirmed by the facility agent on February 3, 2023.The analytical coverage on TSH Sukuk Murabahah is now limited to its RM150 million Islamic Medium-Term Notes Programme. This program...
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MARC Ratings has assigned preliminary ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Berhad’s proposed RM300.0 million Islamic Medium-Term Notes/Commercial Papers programmes with a stable outlook. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guarantee on the progr...
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MARC Ratings wishes to highlight that Alpha Circle Sdn Bhd has now deferred its Senior Sukuk payment of RM11 million due on January 18, 2023 to March 1, 2023 after sukukholders approved the deferment. With this, the outstanding Senior Sukuk Musharakah stands at RM71 million and Junior Sukuk Musharakah at RM55 million as of January 18, 2023.The rating agency notes that Alpha Circle has continued to...
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