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MARC Ratings has withdrawn its ratings of MARC-1IS(cg) /AA-IS(cg) on Sunway Treasury Sukuk Sdn Bhd’s Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programme with a limit of RM2.0 billion. The withdrawal follows the expiry of the programme on June 6, 2022 as confirmed by the facility agent.The rating agency’s analytical coverage is now limited to Sunway Treasury Sukuk’s R...
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MARC Ratings has affirmed its financial institution (FI) rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). Concurrently, the rating agency has affirmed its rating of AAAIS on the bank’s Islamic Medium Term-Notes Programme of up to RM5.0 billion. The ratings outlook is stable.BPMB’s status as a wholly government-owned institution mandated to provide financing to priority sectors in supp...
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MARC Ratings has affirmed its ratings of A+IS and A-IS on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. The two-notch rating differential between both issuances reflects the latter’s subordination to the senior sukuk. All ratings carry a stable outlook. The outstanding under the programmes stood at RM2.3 billion and R...
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MARC Ratings has assigned a preliminary rating of AA-IS(cg) with a stable outlook to Eco World Capital Berhad’s proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of RM1.2 billion. Eco World Capital is the funding vehicle for parent Eco World Development Group Berhad (EcoWorld) to undertake the issuance of the Sukuk Wakalah. EcoWorld has extended an unconditional and irrevocable guaran...
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MARC Ratings
has affirmed its foreign currency sovereign rating of AAA/stable on the
Republic of Singapore (Singapore) based on its national sovereign rating scale.
The AAA rating reflects a number of Singapore’s strengths, including having a
dynamic and competitive economy underpinned by strong economic policy
frameworks and effective institutions. Singapore’s
success as a global busine...
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MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s outstanding Sukuk Wakalah of RM3.6 billion with a stable outlook.The affirmed rating is underpinned by the strength of Southern Power’s 21-year power purchase agreement (PPA) under which demand risk is allocated to offtaker Tenaga Nasional Berhad (AAA/Stable). Capacity payments (CP) under the PPA are designed to ...
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MARC Ratings has assigned a final rating of AAIS(cg) to funding vehicle VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion. The rating carries a stable outlook.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...
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MARC Ratings has assigned a final rating of AA+IS to edotco Malaysia Sdn Bhd’s proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook.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 prel...
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MARC Ratings has withdrawn its rating of AAA/Stable on Cagamas MBS Berhad’s Tranche 6 under the RM2,410.0 million asset-backed Fixed Rate Serial Bonds (CMBS 2007-2). The rating withdrawal follows the full redemption of the outstanding RM250.0 million under Tranche 6 as confirmed by the facility agent. The rating agency’s analytical coverage on CMBS 2007-2 is now limited to the outstanding...
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MARC Ratings has affirmed its ratings on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes Programme (Sukuk Musharakah) at AA+IS and RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk) at AA-IS. The ratings outlook is stable. UMW’s sizeable market share in the domestic automotive industry, strong revenue generation and healthy capital structure remain key rating dr...
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