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MARC has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM255.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with solar power projects in Kuala Muda, Kedah. The solar power plants have a combined capacity of 49MW.The rating aff...
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MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook.TTM SPV is the funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT) for the construction of two additional gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area in the Gulf of Thailand to the industrial city of Rayong in Thaila...
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MARC views the acquisition of Danajamin Nasional Berhad (Danajamin) by Bank Pembangunan Malaysia Berhad (Bank Pembangunan) does not have immediate rating implications on both entities. The rating agency currently rates both entities at AAA with a stable outlook. Bank Pembangunan will acquire 50% of Danajamin’s shares from Credit Guarantee Corporation Malaysia Berhad (CGC) and the rema...
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MARC has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB).The IMR rating continues to factor KIB’s well-established investment processes and sound risk management practices. The IMR rating on KIIB mirrors KIB’s based on our assessment on the former’s significant integration with...
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MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM75 million Fixed Rate Serial Bonds.The rating outlook remains negative and is premised on our concern over the company’s liquidity position if an ongoing plan to clear its tax arrears of RM10 million is not realised. Under the plan, CISB will issue new shares to its shareholders that will raise proceeds of RM...
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MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 with a stable outlook on Kenanga Investment Bank Berhad (Kenanga). Kenanga’s strong competitive position in the domestic stockbroking industry from which it has been able to generate moderate-to-strong income remains the key factor for the rating affirmation. This is supported by the investmen...
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MARC has affirmed its rating of A+IS and MARC-1IS on TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium-Term Notes (IMTN) Programme and RM50 million Commercial Papers (ICP) Programme. Concurrently, the rating agency has affirmed its rating of A+IS on TSH Sukuk Ijarah Sdn Bhd’s RM300 million IMTN programme. The long-term ratings outlook has been revised to positive. Both TSH Su...
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MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding of RM50 million BaIDS is payable on December 2, 2022.The affirmed rating incorporates a three-notch uplift for parental support from Putrajaya Holdings Berhad, which carries a AAA/stab...
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MARC has affirmed its foreign currency sovereign rating of AAA/stable on the State of Kuwait (Kuwait), based on its national rating scale. The rating reflects Kuwait’s significant fiscal and external buffers. Meanwhile, its heavy reliance on oil, as well as weak governance and institutions, are credit concerns. Kuwait faces rising fiscal and economic pressure due to the impact of the COVID-19 pa...
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MARC has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.The affirmed rating is primarily driven by Sunsuria’s healthy profit margin, net low leverage and strong liquidity position. These factors have placed the group in a better position relative to its peers to weather the prevailing weak property market conditions, exace...
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