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MARC has assigned a AAAIS rating to Midciti Resources Sdn Bhd’s (Midciti) proposed 10-year RM880.0 million Sukuk Musharakah Islamic Medium Term Notes programme (IMTN). The Sukuk proceeds will be primarily used to purchase the company’s existing rated debt securities and cancel the same. The Sukuk issuance will extend Midciti’s debt maturity profile and adequately address the refi...
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MARC has completed its review of ABS Samudera Receivables Berhad's (ASRB) rating on its Series A notes issued under its RM250.0 Medium Term Notes Programme and downgraded the rating to AA+ from AAA. The outlook is negative. The rating review had focused on a reassessment of credit protection for the RM5.0 million of outstanding notes, taking into account unexpected tax liabilities arising at the s...
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MARC has affirmed the ratings of MARC-1(fg)/AAA(fg) on Syarikat Kapasi Sdn Bhd’s (Kapasi) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme with a stable outlook. The ratings are premised on the financial guarantee insurance policy provided by Danajamin Nasional Berhad (Danajamin) for the CP/MTN Programme. MARC’s current rating of AAA/stable on Danajamin is based on ...
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MARC has withdrawn the MARC-1ID/AID/Stable ratings assigned to Mulpha International Berhad’s (Mulpha) RM25 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) facility with immediate effect following the cancellation of the programme as confirmed by the facility agent, AmInvestment Bank Berhad. No notes were outstanding under the facility prior to cancellation. MARC will according...
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MARC has affirmed its ratings of MARC-1IS and AAAIS on Pinnacle Tower Sdn Bhd’s (PTSB) RM50 million Islamic Commercial Papers (ICP) and RM400 million Islamic Medium Term Notes (IMTN) respectively. The outlook on the ratings is stable. The rating action affects RM335 million of outstanding notes issued under the programme.The affirmed ratings reflect the secure revenue stream backing the note...
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MARC has announced an extension of its review of the Sukuk ratings of Offshoreworks Capital Sdn Bhd (OWC) arising from the continuing lack of clarity surrounding its parent company Offshoreworks Holdings Sdn Bhd's (OHSB) and the group's current financial position and business profile. MARC's decision to maintain its long-term and short-term Sukuk ratings of BBIS and MARC-4IS on OWC on MARCWatch Ne...
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MARC has affirmed the ratings of Serrisa Sinar Berhad’s (Serrisa Sinar) RM200 million ICP/IMTN notes and RM20 million Junior IMTN at MARC-1ID/AAID and A+ID respectively. The outlook of the ratings is stable. The rating action affects RM100 million of outstanding notes issued under the programme. The rating of the Junior Notes reflects its subordination to the Senior Notes in respect of profi...
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MARC has affirmed its AAA and AAAID ratings on The Export-Import Bank of Korea’s (KEXIM) conventional and Islamic Medium Term Notes Programmes with a combined nominal value of RM3.0 billion. The outlook on the ratings is stable. The ratings reflect KEXIM’s public policy role in supporting the Republic of Korea’s (South Korea) export and import industries, its strong standalone fi...
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MARC has assigned its MARC-1/AA ratings to Hong Leong Financial Group Berhad’s (HLFG) proposed Commercial Paper and Medium Term Notes programmes with a combined limit of RM1.8 billion. At the same time, MARC has also affirmed the ratings on HLFG’s RM800 million Commercial Paper and Medium Term Notes Programme (CP/MTN) at MARC-1/AA. The rating outlook for the long-term rating is stable....
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MARC has affirmed its AAA ratings on Class Auto Receivables Berhad’s (Class Auto) RM395.0 million Class A, RM20.0 million Class B and RM20.0 million Class C Notes (collectively known as Notes Series 2007-A). Notes Series 2007-A represents the first series of issuances backed by a RM500.0 million portfolio of hire purchase receivables (Portfolio 2007-A) under Class Auto’s RM10.0 billion...
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