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MARC has affirmed its AA-IS rating on Cerah Sama Sdn Bhd's RM420.0 million Sukuk with a stable outlook. The outstanding currently stands at RM360.0 million.The affirmation reflects Cerah Sama’s resilient cash flows backed by steady traffic volumes on its mature, 22-year-old Cheras-Kajang Highway. Strong cash reserves and an accommodative sukuk repayment structure further support the rating. Howe...
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MARC has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.82 billion Sukuk Murabahah. The rating outlook is stable.The affirmed rating incorporates 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). The rating also reflects the operational and f...
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MARC has affirmed its AAIS rating on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook has been revised to negative from stable. Fortune Premiere is a funding vehicle for parent IOI Properties Group Berhad which has extended an unconditional and irrevocable guarantee on the issuance. The revised outlook is premi...
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MARC has affirmed its ratings of MARC-1IS / AAIS to Cellco Capital Bhd's (Cellco) RM520 million issuance (Issue 1) under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable.Cellco is a special-purpose entity that was set up to raise funds via the Sukuk Ijarah Programme for its parent, Ste...
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MARC has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. As of date, the company has issued RM200 million sukuk.The rating is premised on Evyap Malaysia’s strong domestic market position in oleochemicals, its vertically integrated operations, and its ability to broaden its customer base for both soap...
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MARC has affirmed its financial institution (FI) rating of AAA with a stable outlook on Credit Guarantee Corporation Malaysia Berhad (CGC).The rating reflects CGC’s status as a development financial institution (DFI) with an explicit public policy role, underpinned by the support provided by the government through Bank Negara Malaysia (BNM), its key shareholder. We have incorporated a very high ...
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MARC has withdrawn its rating of AAAIS on Al-Bai’ Bithaman Ajil Islamic Financing Bonds of RM2.0 billion issued by Tenaga Nasional Berhad. The rating withdrawal follows the full redemption of the Islamic bonds upon maturity on December 13, 2021.Contacts:Lee Chi Han, +603-2717 2939/ chihan@marc.com.my;Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my. ...
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MARC has downgraded Serba Dinamik Holdings Berhad’s Islamic Medium-Term Notes Programme (IMTN) rating to CIS from BBIS/Negative. Serba Dinamik’s Islamic Commercial Papers (ICP) rating remains at MARC-4IS which is the lowest category under the non-investment grade, reflecting the heightened risk of non-repayment on the outstanding RM100 million ICP.MARC’s downgrade action is premised on the m...
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MARC has affirmed its financial institution ratings of A/MARC-1 on Bank Muamalat Malaysia Berhad (Bank Muamalat) and AIS rating on the bank’s Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion. The ratings outlook is stable. The ratings incorporate Bank Muamalat’s healthy capitalisation levels, stronger asset quality metrics and improved profitability trend. If the bank susta...
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MARC has downgraded Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) rating to BBIS from BBB-IS. The rating outlook remains negative. The downgrade reflects our view that SDEB’s tight liquidity position has heightened the risk of the company not being able to address its upcoming financial obligations on a timely basis. The co...
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