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MARC has downgraded its insurer financial strength (IFS) rating on BEST RE Family (L) Limited (BEST RE Family) to A+ from AA with a stable outlook, to reflect the rating agency's revised approach of notching up the family takaful operator's standalone credit assessment on account of parental support uplift from its ultimate holding company, Islamic Arab Insurance Co (IAIC or SALAMA). MARC's previo...
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MARC has assigned long-term and short-term counterparty credit ratings of AAA/MARC-1 to Credit Guarantee and Investment Facility (CGIF) with a stable outlook.CGIF was established as a trust fund of the Asian Development Bank in November 2010 by the ten member countries of the Association of Southeast Asian Nations (ASEAN) and Japan, the People’s Republic of China (PRC) and Korea (ASEAN+3) an...
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MARC has affirmed its ratings of A+, A and BBB+ on the outstanding Class A, B and C notes issued by RCE Advance Sdn Bhd (RCEA) under its RM420 million Fixed Rate Medium Term Notes (MTN) Programme. The ratings affect RM75 million of outstanding notes under Class A, RM80 million under Class B and RM60 million under Class C. The outlook on the ratings is stable. RCEA is a special purpose financing ve...
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MARC has affirmed its AAA rating on Woori Bank’s RM1.0 billion Medium Term Notes (MTN) Programme with a stable outlook. The affirmed rating reflects the strength and resilience of the bank’s strong banking franchise in the Republic of Korea (Korea), good earnings generation capacity, sound funding profile and capitalisation, as well as ongoing upgrading of its risk management systems a...
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MARC has affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 on The Bank of East Asia, Limited (BEA), Hong Kong. The ratings are based on MARC's assessment of the bank's capacity to meet its financial obligations on the Malaysian national rating scale. The outlook on the ratings is stable. BEA’s current ratings reflect its long-established banking franchise in H...
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MARC has affirmed its long-term and short-term financial institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF Investment). The bank’s focus on trading high quality fixed-income securities continues to underpin its modest credit and market risk profiles, and very strong regulatory capital adequacy position. Other important drivers for affirming the ratings include the bank&rsq...
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MARC has withdrawn its A+IS rating on MNRB Holdings Berhad’s (MNRB Holdings) RM200 million Islamic Medium Term Notes (IMTN). The rating withdrawal follows the full redemption of the facility’s outstanding amount upon the expiration of the five-year facility programme on December 10, 2012. Contact:Sharidan Salleh, +603-2082 2254/ sharidan@marc.com.my. ...
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MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic or the bank) financial institution (FI) ratings at AAA/MARC-1 and concurrently affirmed its rating on CIMB Islamic’s Tier 2 Junior Sukuk Programme (Junior Sukuk) at AA+IS. CIMB Islamic’s Junior Sukuk is rated one notch lower than its long-term financial institution rating due to the subordination of the Junior Sukuk to th...
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MARC has affirmed its A+IS rating on MNRB Holdings Berhad’s (MNRB Holdings) RM200 million Islamic Medium Term Notes (IMTN) with stable outlook pending the completion of the refinancing of all outstanding notes into a revolving bank credit facility. The proposed refinancing will allow the investment holding company to extend its debt maturity profile, alleviating refinancing risk. At the same...
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MARC has affirmed Kuwait Finance House (Malaysia) Berhad's (KFHMB) long-term and short-term financial institution ratings of AA+/MARC-1, following the rating agency’s affirmation of the long-term and short-term financial institution ratings of its parent, Kuwait Finance House K.S.C. (KFH) at AAA/MARC-1. The outlook on the ratings of both institutions is stable. The long-term rating of KFHMB ...
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