MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM2,060.0 million (CMBS 2005-2) with a stable outlook. CMBS 2005-2 represents the third residential mortgage-backed securitisation issuance by Cagamas MBS. The affirmed rating reflects an increase in the transaction’s credit enhancement levels due to loan payoffs and amortisat...

MARC has affirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) of RM2,050.0 million with a stable outlook. CMBS 2005-1 represents the second residential mortgage-backed securitisation issuance by Cagamas MBS. The affirmed rating reflects an increase in the transaction’s credit enhancement levels due to loan payoffs and amor...

MARC has affirmed its AAAID/MARC-1ID and MARC-1ID ratings on conglomerate Sime Darby Berhad’s (Sime) RM4.5 billion Islamic Medium Term Note Programme (IMTN Programme) and RM500 million Islamic Commercial Papers with a combined limit of RM4.5 billion, and RM150 million Underwritten Murabahah Commercial Papers (MCP) Facility respectively. The outlook on the ratings is revised to negative from ...

MARC has affirmed the ratings of AAA and AAAID assigned to 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 ratings reflect KEXIM’s public policy role in supporting the Republic of Korea’s (Korea) export and import industries, strong standalone financial profile and its full governm...

MARC has affirmed the AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8- to 12-year Secured Bai Al-Dayn Bonds (serial bonds) and the AAA(s) rating on its 13-year bonds (conventional bonds). The ratings carry a stable outlook. Midciti is the owner of the PETRONAS Twin Towers which houses the corporate headquarters of Petroliam Nasional Bhd (PETRONAS). The affirmed ratings primarily refl...

MARC has affirmed its rating on Woori Bank’s RM1.0 billion Medium Term Notes Programme (MTN) at AAA, premised on the bank’s strong and established business franchise in the Republic of Korea (Korea), adequate capitalisation and access to government liquidity support via its government-owned holding company Korea Deposit Insurance Corporation (KDIC). While the rating also takes into con...

MARC has assigned ratings of MARC-1ID and AA-ID on KNM Group Bhd’s (KNM) up to RM400 million Islamic Commercial Paper Programme (ICP Programme) and up to RM1.1 billion Islamic Medium Term Note Programme (IMTN Programme) respectively. The outlook on the long-term rating is stable. KNM’s ratings reflect the group’s strong market position, well-diversified product offerings and geog...

MARC has assigned ratings of AA-IS and A- to expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) proposed new issuances of up to RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) respectively. The outlook on both ratings is stable. The proposed issuances will be used to redeem Kesturi&rs...

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). The affirmed rating reflects an increase in the transaction’s credit enhancement levels due to loan payoffs and amortisation in addition to the satisfactory performance of the securitised mortgage portfolio to date with regard to its stable del...

MARC has affirmed its AAID ratings on Instacom SPV Sdn Bhd’s (ISPV) RM200 million Murabahah Medium Term Notes (MMTN) Programme with a stable outlook.Instacom SPV Sdn Bhd was established to facilitate the issuance of notes under the MMTN Programme on behalf of Instacom Engineering Sdn Bhd (IESB), a telecommunication tower (telco tower) contractor. Proceeds from the issuance of notes are used ...