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MARC Ratings has assigned its financial institution (FI) rating of A+ to MBSB Bank Berhad and a preliminary rating of A+IS to the bank’s proposed RM5.0 billion Sukuk Wakalah programme. The outlook on the ratings is stable.MBSB Bank’s strength in banking and financing, particularly in personal financing, and a strong capitalisation that has been well supported by its ultimate shareholder, Emplo...
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MARC Ratings has assigned a preliminary rating of AA-IS(CG) to Point Zone (M) Sdn Bhd’s proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM3.0 billion with a stable outlook. The rating reflects the credit strength of KPJ Healthcare Berhad (KPJ Healthcare) on the basis of a corporate guarantee it will provide on the Sukuk Wakalah programme. Point Zone is a wholly-owned specia...
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MARC Ratings has downgraded its ratings on MEX II Sdn Bhd’s RM1.3 billion Sukuk Murabahah Programme and RM150 million Junior Bonds to defaulted rating of D from CIS/C. The rating action follows a non-payment on the principal and profit totalling RM107.8 million on the outstanding sukuk of RM1.3 billion on due date. The non-payment is after two previous extensions granted by sukukholders in the p...
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MARC has affirmed its AA+IS rating with a stable outlook on Sime Darby Property Berhad's (SD Property) Islamic Medium-Term Notes Programme of RM4.5 billion under the Shariah principle of Musharakah. SD Property's well-established position as a township developer and its strong sales track record in domestic property development remain key rating drivers. Its sizeable landbank of 15,199 acres ...
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MARC has assigned a preliminary rating of A+IS to Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook is stable. The rating is confined to a RM500.0 million issuance and any further drawdown will require a reassessment of the rating.The assigned rating incorporates TCMH’s established presence in the domestic automotiv...
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MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under the Sukuk Murabahah Programme of up to RM1.0 billion. The ratings outlook is stable. The ratings are driven by UEM Edgenta’s established strong operating track record in healthcare and infrastructure services gained through long-term contracts...
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MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd's (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. The outstanding currently stands at RM1.75 billion.CNSB provides network telecommunications services to its parent Celcom Axiata Berhad (Celcom) and fellow subsidiary Celcom Mobile Sdn Bhd. In assessing CNSB, MARC has considered the overall credit profile of the Cel...
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MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia). The ratings of AAA(fg) and AAA(bg) carry a stable outlook. The affirmed ratings reflect the unconditional and irrevocable guarantees provide...
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MARC has affirmed its AA-IS rating on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook.MMC’s significant competitive strengths in the ports and logistics, and engineering segments that have translated to strong earnings generation remain key rating drivers. The group’s performance is further supported by steady earnings from its energy and utilitie...
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MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme with a stable outlook. The outstanding currently stands at RM17.9 billion.The rating benefits from a two-notch uplift to PLUS’ standalone rating to reflect our view of strong government linkages exhibited in the interdependence between default events for the rated sukuk and...
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