MARC has affirmed its AAA financial institutions rating on Bank Pembangunan Malaysia Berhad (BPMB).  In addition, MARC has also affirmed its MARC-1ID/ MARC-1 programme ratings on BPMB’s up to RM2.0 billion Islamic and/or Conventional Commercial Papers (CP) Programme with a stable outlook.  The ratings continue to reflect support uplift from the Government of Malaysia on account of ...

MARC has issued this update as part of its ongoing review of its AA/Stable financial strength ratings on BEST RE (L) Limited (BEST RE) and BEST RE Family (L) Limited (BEST RE Family). The rating agency intends to reassess the business and financial risk profiles and ratings of both entities following the adoption of their respective strategic plans which are expected to be unveiled at the end of M...

MARC has commented that Kuwait Finance House (Malaysia) Berhad's (KFHMB) ratings of AA+/MARC-1 are not affected following its first quarter earnings announcement for 2012, in which it also reported an after tax loss of RM596 million for the financial year ended December 31, 2011. Although the bank's balance sheet strength had been impacted by the huge losses due largely to provisioning for non-per...

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 bank’s strong banking franchise in the Republic of Korea (Korea), good earnings generation capacity, sound funding profile and capitalisation, as well as progress made by the bank in strengthening its risk management framework. The rat...

MARC has downgraded the State Bank of India’s (SBI) Senior Unsecured Bonds of RM500 million to AA from AA+ following the incorporation of transfer and convertibility (T&C) risk into the ratings of ringgit-denominated debt issuances by foreign issuers. The outlook is stable.Under the refined methodology, MARC’s approach going forward will be to cap the ratings of non-sovereign forei...

MARC has affirmed its AAA/AAAID and MARC-1/MARC-1ID ratings on Cagamas Berhad’s (Cagamas) Conventional and Islamic Medium Term Note Programme of up to RM40 billion (MTN Programme) and its Conventional and Islamic Commercial Paper Programme of up to RM20 billion (CP Programme) respectively. MARC has also affirmed its MARC-1ID and AAAID ratings on Cagamas’  Islamic Commercial Paper ...

MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The rating agency continues to classify CGC as a government-related financial institution on the basis of its public policy role of facilitating access to financing for small and medium enterprises (SMEs) by providing credit guarantees, and its majority government shareholding. CGC&...

MARC has withdrawn its MARC-1/AA rating on Hong Leong Financial Group Berhad’s (HLFG) RM800 million commercial paper and medium-term notes (CP/MTN) programme with immediate effect. The rating withdrawal follows the full redemption of the issuance amounting to RM20 million on November 11, 2011 and concurrently the termination of the programme on January 14, 2012 as confirmed by the facility a...

MARC has affirmed its ratings of A+, A and BBB+ on outstanding Class A, B and C notes issued by RCE Advance Sdn Bhd (RCEA) under its RM420 million Fixed Rate Medium Term Notes Programme. The ratings affect RM100 million of outstanding notes under Class A, RM98.5 million under Class B and RM60 million under Class C. The ratings outlook has been revised to stable from negative.RCEA is a special purp...

MARC has assigned its AAA rating on The Export-Import Bank of Korea’s (KEXIM) proposed RM1.0 billion Medium Term Notes (MTN) Programme.  At the same time, the agency has affirmed its AAA and AAAID ratings on KEXIM’s conventional and Islamic MTN Programmes with a combined nominal value of RM3.0 billion. The outlook on the ratings is stable. The ratings reflect KEXIM’s key rol...