MARC has affirmed its rating of AAAIS(fg) on Symphony Life Berhad’s (Symphony Life) Guaranteed Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin). MARC has an insurer financial strength rating of AAA/stable and long-term/sh...

MARC has affirmed the ratings on Sunway Berhad’s (Sunway) RM2.0 billion 7-year (2013-2020) CP/MTN programme at MARC-1/AA-. Concurrently, MARC has affirmed the ratings of the RM2.0 billion 7-year (2015-2022) ICP/IMTN sukuk programme issued by Sunway Treasury Sukuk Sdn Bhd (STSSB) at MARC-1IS(cg) /AA-IS(cg). STSSB is a special purpose funding vehicle which is wholly-owned by Sunway, where...

MARC has affirmed its rating of AA- with a stable outlook on Central Impression Sdn Bhd’s (CISB) 11-year Fixed Rate Serial Bonds of RM120.0 million. The affirmed rating reflects the credit strength of AEON Co. (M) Berhad (AEON) as the principal lessee of the AEON Klebang shopping mall which is owned and was developed by CISB from the bond proceeds. The fixed lease rental payments from AEON...

MARC has affirmed its AAAIS rating on special purpose vehicle Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The rating reflects the credit strength of the Malaysian government as the sole paymaster of the sublease rental payments that are sufficient to meet the principal and profit payments under the IMTN programme. Ama...

MARC has withdrawn its AAAID(bg) rating on Horizon Hills Development Sdn Bhd’s Islamic Bank-Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million. The rating withdrawal follows the final redemption of RM30 million IMTN on August 12, 2016 and the expiration of the IMTN Programme on August 15, 2016, as confirmed by the facility agent. Upon the withdrawal of the rating, MARC wil...

MARC has withdrawn its AA-ID rating on Sunrise Berhad’s RM400 million Islamic Medium-Term Notes (IMTN) Programme. The rating withdrawal follows the final redemption of the outstanding RM100 million notes at the expiration of the IMTN Programme on July 25, 2016, as confirmed by the facility agent. Upon the withdrawal of the rating, MARC will no longer be providing analytical coverage on the ...

MARC has affirmed the long-term ratings on Special Coral Sdn Bhd’s (Special Coral) RM300.0 million Senior Class and RM800.0 million Subordinated Class Medium-Term Notes (MTN) under the RM1.1 billion MTN Programme. The outlook on the ratings is stable. The list of ratings is shown in the table below.     Tranche size Issued amount Rati...

MARC has assigned final ratings of MARC-1IS / AA-IS to UEM Sunrise Berhad’s (UEM Sunrise) Islamic Commercial Papers/Islamic Medium-Term Notes Programme (ICP/IMTN Programme) with a combined nominal value of up to RM2.0 billion. The rating outlook is stable. MARC has reviewed the final documentation of the issuance, and is satisfied that the terms and conditions of the ICP/IMTN Programme hav...

MARC has assigned preliminary ratings of MARC-1IS /AA-IS on property developer UEM Sunrise Berhad’s (UEM Sunrise) proposed RM2.0 billion Islamic Commercial Papers Programme and Islamic Medium-Term Notes Programme (ICP/IMTN-2) with a sub-limit of RM500 million for the ICP programme. Concurrently, the rating agency has affirmed its MARC-1IS /AA-IS ratings on UEM Sunrise’s existing RM2.0 bill...

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. The rating affects the outstanding RM100.0 million IMTNs issued under the programme. The rating reflects the equalisation of Sunrise’s rating to its parent UEM Sunrise Berhad’s (UEM Sunrise) rating of AA-/Stable. MARC’s approach takes int...