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MARC has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook.The affirmed rating reflects GCB’s strong position in the midstream cocoa supply chain as the largest cocoa grinder in Asia and fourth-largest in the world, as well as its strong operational track record. Moderating the rating is cocoa price volatility...
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MARC has affirmed its rating of AA-IS on special-purpose vehicle SHC Capital Sdn Bhd’s RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. There are no expectations of further drawdown in the medium term; any further drawdown will require a re-assessment of the rating. SHC Capital is wholly owned by Tunas Cool En...
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MARC has assigned a preliminary rating of A+IS to Yinson Holdings Berhad’s proposed RM1.0 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. This follows the corporate credit rating of A+ that MARC assigned to Yinson on June 23, 2021. The rating on the IMTN programme is driven by Yinson’s strong business profile in the floating, production, storage and offloading ve...
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MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating at AAA and the sukuk rating on TNB’s outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Islamic Financing Bonds (sukuk) at AAAIS. The ratings carry a stable outlook.TNB’s credit strength stems from its significant electricity generation capacity, lengthy and strong operational track record and a monopolistic position in electricit...
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MARC has affirmed its rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah at AA-IS with a stable outlook.The rating incorporates the accommodative sukuk repayment profile that allows for sufficient time for traffic volume on DUKE 3’s 32-km Setiawangsa-Pantai Expressway (SPE) to build up and generate cash flow. The first principal repayment of RM5...
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MARC has assigned a final rating of AAAIS to Bank Pertanian Malaysia Berhad’s (Agrobank) RM1.0 billion Islamic Medium-Term Notes Programme (IMTN Programme). The rating outlook 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 r...
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MARC has downgraded its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) facility to A+ from AA-. The rating outlook is maintained at negative. The rating benefits from a single notch uplift based on the undertaking from parent WCT Holdings Berhad (WCT) (AA-/Stable) to provide liquidity support. Segi Astana’s weakened credit profile reflects the impact o...
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MARC has affirmed its AA- and AA-IS ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme and RM1.5 billion Sukuk Murabahah Programme. Concurrently, the rating agency also affirmed its AIS rating on WCT Holdings’ RM1.0 billion Perpetual Sukuk Musharakah Programme. All ratings carry a stable outlook. The ratings affirmation considers WCT Holdings’ established t...
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MARC has revised the ratings outlook on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds to negative from stable. Concurrently, the rating agency has affirmed its AA-IS and A- ratings on the Senior Sukuk and Junior Bonds, with the three-notch rating differential between them reflecting the latt...
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MARC has affirmed its ratings of MARC-1IS and A+IS on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers Programme and RM500.0 million Islamic Medium-Term Notes Programme (collectively Sukuk Programmes), subject to a combined limit of RM500.0 million. The ratings outlook is stable. The rating affirmation mainly reflects George Kent’s stable water meter...
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