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MARC Ratings has downgraded the ratings of Serba Dinamik Holdings Berhad’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes from CIS/MARC-4IS to a default rating of DIS. The ratings had been lowered to CIS/MARC-4IS on December 10, 2021 when it failed to meet a coupon payment on an outstanding USD sukuk issued by its wholly-owned subsidiary.The downgrade to DIS foll...
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MARC Ratings has assigned a final rating of AA-IS to MMC Port Holdings Sdn Bhd's (MMC Port) RM1.0 billion Sukuk Murabahah Programme. The outlook on the rating 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...
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MARC Ratings has affirmed its rating of AA-IS on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. The rating affirmation reflects Farm Fresh’s growing sales track record for its wide range of dairy products, and strong domestic market position in key dairy se...
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MARC Ratings has affirmed its public information foreign currency sovereign rating of AAA/stable on the People’s Republic of China based on its national rating scale. The rating reflects several credit strengths, including a large, well-diversified, and resilient economy. Unlike many other countries, China had avoided an economic contraction during the first year of COVID-19 in 2020, thanks to a...
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MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating of AAIS with a stable outlook.BEWG is a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL), principally involved in the water treatment and distribution facilities project in Kemaman for the Terengganu state government.The rating incorporates the credit strength of the T...
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MARC Ratings has withdrawn its rating of A+IS on TSH Sukuk Ijarah Sdn Bhd’s RM300 million Medium-Term Notes (IMTN) Programme. The rating withdrawal follows the full redemption of the outstanding RM15 million and subsequent cancellation of the programme. TSH Sukuk Ijarah is a wholly-owned special purpose funding vehicle of TSH Resources Berhad (TSH).With the cancellation, MARC Ratings’ an...
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MARC Ratings has assigned a final rating of A+IS to Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating is confined to a RM500.0 million issuance and any further drawdown will require a reassessment of the rating. The outlook on the rating is stable.The rating agency has reviewed the final documentation for the programme and is...
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MARC Ratings has assigned a final rating of A+IS to MBSB Bank Berhad’s RM5.0 billion Islamic Medium-Term Notes (Sustainability Sukuk Wakalah) Programme. The outlook on the rating 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 preliminar...
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MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad’s asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds issuances (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. The affirmed ra...
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MARC Ratings has assigned a final rating of AA-IS(CG) to Point Zone (M) Sdn Bhd’s Islamic Medium-Term Notes (Sukuk Wakalah) programme of 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 preliminary rating w...
This article has been viewed 588 times.