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MARC has affirmed its AAIS rating on funding vehicle Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable.Fortune Premiere’s rating reflects the credit strength of its parent company IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable corporate guarantee on the is...
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MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The ratings affirmation is mainly driven by Northport’s established position in providing container and conventional cargo handling services through North Port and Southpoin...
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MARC has withdrawn its AAA rating on Cagamas MBS Berhad’s RM385.0 million Tranche 6 issued under the RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent.MARC’s analytical coverage on CMBS 2005-2 is now limited to the outstanding RM265.0 million under the remaining tranche of th...
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MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook. MPower is the operations and maintenance operator of its parent company Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic power plants. The rating approach considers the consolidated credit profile of MPower and its parent company Malakoff given the st...
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MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programmes of up to RM2.0 billion. The ratings outlook is stable. There is currently no amount outstanding under the rated programmes, which will expire in March 2021. The ratings incorporate PDB’s strong domestic market position in trading ...
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MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook.The rating reflects the credit strength of the issuer’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking to top up any cash shortfall in the finance service reserve account (FSRA)...
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MARC has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook. The affirmed rating incorporates the strength of the concession receivables from the government which are channelled to ACSB’s designated accounts for its sukuk payment obligations. The concession receivables in the form of avai...
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MARC has withdrawn its ratings of MARC-1IS/AAA-IS on Gas Malaysia Berhad’s (Gas Malaysia) RM700 million Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programmes. The ratings withdrawal follows early termination of the programmes, as confirmed by the facility agent. The ratings carried a stable outlook.The programmes were terminated following an exchange of outstanding RM281 mill...
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MARC has affirmed its ratings on Alpha Circle Sdn Bhd’s RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at AA-IS and AIS. The ratings outlook has been revised to negative from stable. The current outstanding of senior sukuk is RM160 million and junior sukuk is RM55 million.Alpha Circle is the funding vehicle of NERS Sdn Bhd, the contractor for the 12-year governmen...
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MARC ASSIGNS FINAL RATING OF AA+IS TO SIME DARBY PROPERTY’S RM4.5 BILLION SUKUK MUSHARAKAH PROGRAMME
MARC has assigned a final rating of AA+IS with a stable outlook to Sime Darby Property Berhad’s (SD Property) RM4.5 billion Sukuk Musharakah 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 deta...
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