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MARC has
affirmed its rating of AA- on Sports
Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme
with a stable outlook.The affirmed
rating is mainly driven by Sports Toto’s entrenched domestic market position as
a number forecast operator (NFO) with the largest number of outlets in the
country. We note that despite the recurrence of mandatory ...
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MARC has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA with a stable outlook. The rating agency has concurrently affirmed its AAIS/Stable rating on SD Plantation’s Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion.The affirmed ratings are driven by SD Plantation’s strong cash flow generating ability from its sizeable geog...
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MARC has affirmed Bank Pembangunan Malaysia Berhad’s (Bank Pembangunan) financial institution (FI) rating of AAA and accordingly the issue rating on the development financial institution’s (DFI) RM5.0 billion Islamic Medium-Term Notes (IMTN) Programme at AAAIS. The outlook on all ratings is stable. The ratings affirmation factors in Bank Pembangunan’s status as a wholly government-owned...
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MARC has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook.The affirmed rating factors in PPSB’s strength as the operator of Penang Port, a key trade gateway port in northern Malaysia, in generating steady cash flow from handling container and conventional cargo in the region. Operating under a...
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MARC 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. All ratings carry a stable outlook.The ratings affirmation incorporates DRB-HICOM’s continued strength in its key automotive segment that is reflected by its strong market position and steady contribution to group profitabi...
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MARC has affirmed its MARC-1/AA- ratings on Sunway Berhad’s issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes, and MARC-1IS(cg)/AA-IS(cg) ratings on Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programmes. All ratings carry a stable outl...
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MARC 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 outstanding under the rated programme stood at RM3.22 billion as at October 26, 2021.Aman is a wholly-owned funding vehicle of PBLT Sdn Bhd, the developer of 74 projects comprising quarters and facilities for Polis Diraja Malaysia (PDRM). ...
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MARC has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable.The affirmed rating is premised on PLNG2’s stable and sizeable revenue generation ability under set tariffs for its regasification services, the low demand risk for the services through a long-term agreement with PETRONAS...
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MARC has affirmed its AAIS/AA ratings on OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. OSKRB is a special-purpose funding vehicle of parent OSK Holdings Berhad (OSK) which extended an unconditional and irrevocable guarantee on the rated programme.The affirmed r...
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MARC has affirmed its AAA and MARC-1 ratings with a stable outlook on Kinabalu Capital Sdn Bhd’s outstanding RM20 million Class A Medium-Term Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The outstanding issuances will mature on December 22, 2021 and are in the process of being refinanced.The ratings reflect the loan-to-value (LTV) ratios of the classes that are within the ...
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