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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 ending in 2032. The rating carries a stable outlook. Sports Toto’s ability to generate healthy cash flow as a number forecast operator (NFO) in the domestic gaming sector, its lengthy track record and its entrenched market position in the oligopolis...
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MARC has affirmed its ratings on Sunway Berhad’s issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programmes at MARC-1/AA-. Concurrently, the rating agency also affirmed its ratings on Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Paper/Islamic Medium-Term Notes (ICP/IMTN) programmes at MARC...
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MARC has assigned a final rating of A+IS with a stable outlook to Sunsuria Berhad’s RM500.0 million Sukuk Wakalah 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,...
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MARC has assigned a final rating of AA-IS with a stable outlook to Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) proposed RM500.0 million Sukuk Wakalah 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....
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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 for the second phase of the Trans Thailand-Malaysia project (TTM Phase II), consisting of two gas pipelines between the Malaysia-Thailand Joint Development Area and the city of Rayong in Thailand. TTM SPV is wholly owned by Trans Thai-Malay...
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MARC has assigned a final rating of AA-IS with a stable outlook to Guan Chong Berhad’s proposed RM800.0 million Sukuk Wakalah 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 assi...
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MARC has downgraded MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme rating to BBBIS from AIS, and its RM150.0 million Junior Bonds to BB from BBB. The ratings remain on MARCWatch Negative.The ratings have been on MARCWatch Negative since May 2020 following insufficient progress with respect to MEX II’s 16.8-km Lebuhraya Putrajaya-KLIA highway project (MEX Extension) since the...
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MARC has assigned final ratings of AAIS / AA to special purpose vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) proposed 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. The assigned ratings apply to ringgit-denominated sukuk/notes issued under the programme.The rating agency has reviewed the final docu...
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MARC has affirmed its rating of AA-IS on Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah and concurrently revised the rating outlook to stable from negative. DUKE 3 is undertaking the Setiawangsa-Pantai Expressway (SPE) project under a concession agreement with the government ending August 5, 2069.The outlook revision is premised on the easing of the rating agency’s earli...
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MARC has affirmed its AAA and MARC-1 ratings on Kinabalu Capital Sdn Bhd’s RM20 million Class A Medium-Term-Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The aggregate outstanding nominal value of MTN and CP programmes under Issue 1 is capped at RM220 million. The ratings outlook is stable. The MTN and CP are secured by a third-party first legal charge on the collatera...
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