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MARC has affirmed Kuwait Finance House (Malaysia) Berhad's (KFHMB) long-term and short-term financial institution (FI) ratings of AA+/MARC-1 as well as the AAA/MARC-1 ratings on its parent, Kuwait Finance House K.S C. (KFH). The outlook on all ratings is stable.KFHMB's affirmed ratings continue to be driven by MARC's expectation of parent support being available to the bank. MARC's top-down approa...
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MARC has withdrawn its A+ insurer financial strength (IFS) rating on BEST RE Family (L) Limited (BEST RE Family) at the family retakaful operator's request. MARC has not been able to update the rating prior to withdrawing it as the rating agency is unable to reassess the two notch ultimate parent support uplift currently embedded in BEST RE Family's IFS rating. This is because MARC has n...
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MARC has affirmed its long term and short term conventional and Islamic debt ratings of AAA/AAAID and MARC-1/MARC-1ID respectively on Cagamas Berhad (Cagamas) with a stable outlook. A full list of these issuances is given at the end of this press announcement. The ratings reflect the institution’s continued sound asset quality, profitable operations, strong capitalisation, prudent management...
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MARC has withdrawn its A+ insurer financial strength (IFS) rating on Best Re (L) Limited (BEST RE) at the general reinsurer's request. The outlook was negative at the time of withdrawal. MARC has not been able to update the rating prior to withdrawing it due to insufficient available information. The negative outlook attached to BEST RE’s rating in January 2013 had reflected the potential fo...
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MARC has assigned a final rating of AA+ to CIMB Bank Berhad’s (CIMB Bank) RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme (Subordinated Debt Programme) with a stable outlook. Upon review of the final documentation of the forthcoming subordinated debt issuance, MARC is satisfied that the terms and conditions of the Subordinated Debt Programme have not changed in any mate...
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MARC has affirmed the AA+ rating on ABS Samudera Receivables Berhad’s (ASRB) Notes Series-A issued under its RM250.0 million Medium Term Notes Programme (MTN Programme) with a negative outlook. The principal amount of notes outstanding under the programme has remained at RM1.3 million since the early partial redemption of RM3.7 million in December 2011.ASRB is a bankruptcy remote special pur...
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MARC has affirmed its MARC-1/AA ratings on Hong Leong Financial Group Berhad's (HLFG) RM1.8 billion Commercial Paper and Medium Term Notes (CP/MTN) programme with a stable outlook. HLFG is the non-operating holding company of a financial services group which holds the fifth largest domestic commercial bank, a leading domestic life insurer and a mid-tier investment bank.The ratings continue to refl...
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MARC has today assigned long-term and short-term financial institution (FI) ratings of AA-/MARC-1 with a stable outlook to Hong Leong Investment Bank Berhad (new HLIB, renamed from MIMB Investment Bank Berhad (MIMB)). At the same time, the rating agency has withdrawn former Hong Leong Investment Bank Berhad's (former HLIB, now known as Promilia Sdn Bhd) ratings. The rating actions follow a review ...
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MARC has affirmed its AAA/MARC-1 financial institution (FI) ratings on Maybank Islamic Berhad (Maybank Islamic) and AA+IS rating on Maybank Islamic’s RM1.0 billion Islamic Subordinated Sukuk (Subordinated Sukuk) with a stable outlook on the ratings. The Subordinated Sukuk, which qualifies as Tier-2 capital for Maybank Islamic, is rated one notch lower than the bank’s FI rating in accor...
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MARC has withdrawn its AAA rating on Oversea-Chinese Banking Corporation Limited’s (OCBC Ltd) RM2.5 billion redeemable subordinated bonds, following the early redemption of the facility on June 6, 2013 as confirmed by the facility agent on June 7, 2013. However, the rating agency will continue to maintain rating surveillance on OCBC Ltd’s financial institution rating, currently rated A...
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