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Posted Date: October 19, 2022MARC Ratings has upgraded Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah programme rating to AAIS from AA-IS. Concurrently, the rating agency has revised the rating outlook to stable from positive.The rating upgrade is premised on Northport’s sustained strong profitability metrics, resulting in strong cash flow from operations (CFO) interest and debt cov...
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MARC Ratings has assigned a preliminary rating of AA-IS to MY E.G. Services Berhad’s (MYEG) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion in nominal value. The rating outlook is stable. The assigned rating reflects MYEG’s established position as a longstanding concessionaire for e-government services, underpinned by its strong IT infrastructure. ...
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MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme stood at RM300.0 million as of October 17, 2022. The rating affirmation mainly reflects GCB’s strong position in the midstream cocoa supply chain as the largest cocoa grinder in Asia and fourth-...
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MARC Ratings has assigned a final rating of A+IS with a stable outlook to JB Cocoa Sdn Bhd’s proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the ...
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MARC Ratings has assigned a final rating of AAAIS to Amanat Lebuhraya Rakyat Berhad’s (ALR) sukuk programme of up to RM5.5 billion. The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was based.For full ...
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MARC Ratings has withdrawn its ratings of AAAIS/AA+IS on Danajamin Nasional Berhad’s (Danajamin) RM2.0 billion Senior and Subordinated Sukuk Murabahah programme. The ratings withdrawal follows the full redemption of the outstanding amount of RM500.0 million under the programme and the subsequent cancellation of the programme. This was confirmed by the facility agent on October 11, 2022. &n...
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MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM192.3 million, where it has been since January 28, 2022.The rating action reflects MARC Ratings’ concern on the limited time since the 50MWac plant fully resumed its operations on August 10, 2022, for the rating agency t...
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MARC Ratings has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA and its Perpetual Subordinated Sukuk Programme’s rating of up to RM3.0 billion at AAIS. Both ratings carry a stable outlook.The affirmed corporate credit rating reflects SD Plantation’s strong cash flow generating ability from its geographically sizeable and integrated oil palm operations,...
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MARC RATINGS AFFIRMS AAAIS(FG) RATING ON MASTEEL'S RM130.0 MILLION GUARANTEED SUKUK IJARAH PROGRAMME
MARC Ratings has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Danajamin Nasional Berhad-guaranteed Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on MARC Ratings’ assessment of credit strength of Danajamin (AAA/Stable) which has provided an unconditional and irrevocable financial guarantee insuran...
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MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.72 billion Sukuk Murabahah with a stable outlook. The rating affirmation is underpinned by JEP’s predictable cash flows from its 2x1,000-megawatt (MW) ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) (AAA/stable). The rating also inc...
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