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MARC has assigned final ratings of AAAIS/MARC-1IS to Small Medium Enterprise Development Bank Malaysia Berhad’s (SME Bank) Islamic Medium-Term Notes (IMTNs) Programme of up to RM3.0 billion (which include Sustainability IMTNs) and Islamic Commercial Papers (ICPs) Programme of up to RM1.0 billion with a combined limit in nominal value of up to RM3.0 billion. The ratings outlook is stable.The rati...
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MARC has affirmed its rating of AA-IS on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) RM210 million Sukuk Murabahah Issuance, with a stable outlook. The affirmation reflects Grand Sepadu’s adequate cash flow coverage and moderately leveraged capital structure. Moderating the rating are uncertainties on the implementation of the scheduled toll rate hikes and timing of government compensation...
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MARC has affirmed its ratings on Cagamas Berhad’s bonds and sukuk issuances as follows:Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion at MARC-1/MARC-1ISConventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion at AAA/AAAISThe ratings outlook is stable. Cagamas’ status as the national mortgage corpo...
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MARC has assigned a rating of AIS to Tropicana Corporation Berhad’s (Tropicana) RM2.0 billion existing Perpetual Sukuk programme with a stable outlook. The Perpetual Sukuk is rated one notch lower than Tropicana’s corporate credit rating of A+/stable to reflect its features and is in line with MARC’s methodology on subordinated instruments. No equity credit has been given to the Perpetual Su...
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MARC has assigned a corporate credit rating of A+ with a stable outlook to Yinson Holdings Berhad (Yinson).The assigned rating is primarily driven by the group’s strong business profile in the floating, production, storage and offloading vessels (FPSO) segment from which it has been able to secure recurrent sizeable long-term FPSO contracts, providing earnings visibility and healthy profit margi...
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MARC has assigned preliminary ratings of AAAIS/MARC-1IS on Small Medium Enterprise Development Bank Malaysia Berhad’s (SME Bank) proposed Islamic Medium-Term Notes (IMTNs) Programme of up to RM3.0 billion (which shall include Sustainability IMTNs) and Islamic Commercial Papers (ICPs) Programme of up to RM1.0 billion, with a combined limit in nominal value of up to RM3.0 billion. Concurrently, t...
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MARC has assigned a “Gold” Sustainability Sukuk Assessment to the Sustainability Sukuk Framework (SSF) of Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). The SSF sets out the guidelines for SME Bank’s Sustainability Sukuk issuances under its proposed Islamic Medium-Term Notes (IMTNs) programme of up to RM3.0 billion and Islamic Commercial Papers (ICPs) programme of up to...
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MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power has developed a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang, which achieved commercial operation date (COD) on January 1, 2021 for Block 1 and February 19, 2021 for Block 2. The rating affirmation is drive...
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MARC has assigned a final rating of AAIS with a stable outlook to S P Setia’s RM3.0 billion Islamic Medium-Term Notes Programme.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 rating was based.For full details of the assigned rating, p...
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MARC has assigned a final rating of AA- to 7-Eleven Malaysia Holdings Bhd’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) 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 rating was ...
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