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MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM60 million Fixed Rate Serial Bonds and concurrently revised the rating outlook to stable from negative.The affirmed rating is driven by the credit strength of AEON Co (M) Berhad (AEON), a 51.7%-owned subsidiary of Japan-based AEON Co Ltd which has an established track record in the domestic retail industry. AEO...
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MARC Ratings has assigned preliminary ratings of MARC-1IS /AIS to Gabungan AQRS Berhad’s (GBG) proposed RM200 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The ratings reflect GBG’s moderate construction order book, its low counterparty risk from the largely government-related construction contracts, and its earnings vis...
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MARC Ratings has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co Ltd (IGI). The rating affirmation continues to be driven by IGI’s well-diversified underwriting portfolio across business lines and countries, and a strong capitalisation level that remains supportive of growth. These strengths are underscored by a prud...
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MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd’s outstanding RM202.3 million Green SRI Sukuk pending full resumption of operations at its plant. The initial placement was made on January 28, 2022, due to the cessation of operations at the plant following damage to its gas-insulated switchgear (GIS) and power transformer. We note that the plant h...
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MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook.KAF IB’s low-risk business model, underpinned by a conservative investment strategy, and strong liquidity and capitalisation levels remain key rating drivers. The susceptibility of KAF IB’s performance to domestic capital market conditions and interest rat...
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MARC Ratings has assigned a preliminary 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 reflects edotco Malaysia’s solid market position as one of the country’s largest tower companies (towerco), high cash flow visibility from long-term tower leases with Malaysian telc...
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MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook. The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, and the quantum of which is deemed sufficient to meet the principal repayments and profit payme...
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MARC Ratings has assigned a preliminary 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 outlook is stable. The rating reflects the credit strength of VS Industry Berhad (VSI) on the basis of an unconditional and irrevocable corporate guarantee it will provide on the IMTN programme.The rating refle...
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MARC Ratings has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. CIMB Group is a non-operating financial holding company and is the country’s second-largest banking group with...
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MARC Ratings has affirmed its financial institution (FI) ratings on CIMB Bank Berhad at AAA/MARC-1. Concurrently, the rating agency has also affirmed its rating of AA+ on the bank’s existing RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. All the ratings carry a stable outlook.CIMB Bank’s high systemic importance in the domestic banking industry as the second-largest dom...
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