MARC has assigned a preliminary rating of AA-IS to Sparks Energy 1 Sdn Bhd’s (Sparks Energy 1) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM220.0 million. The rating outlook is stable.Sparks Energy 1 is a special purpose vehicle incorporated to raise funding to develop a 30MWac solar power plant in Kuala Muda, Kedah and Machang, Kelantan. The power plants ar...

MARC is issuing this update on the potential rating impact on UEM Sunrise Berhad in light of the proposed merger with Eco World Development Group Berhad (Eco World). UEM Sunrise currently carries MARC-1IS / AA-IS ratings with a stable outlook from MARC for the property developer’s two Islamic Commercial Papers / Islamic Medium-Term Notes Programmes of RM2.0 billion each.Under the proposed merger...

MARC has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. PPSB operates Penang Port under a long-term concession agreement expiring on December 31, 2041. The affirmed rating factors in our view that Penang Port would be able to weather the challenging trade environment stemming from the im...

Posted Date:MARC has assigned a preliminary rating of A+IS to Sunsuria Berhad’s proposed RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.  Sunsuria is a mid-size property developer whose main development is the 375-acre Sunsuria City township in Salak Tinggi, Selangor. Sunsuria remains focused on property development projects within the Klang Valley over the near...

MARC has assigned a preliminary rating of AA-IS with a stable outlook to Guan Chong Berhad’s (GCB) proposed Sukuk Wakalah Programme of up to RM800.0 million. The proposed rating incorporates GCB’s strong market position in the midstream cocoa industry, established operational track record and healthy debt coverage metrics. The rating is constrained by the group’s inherent exposure to fluctua...

MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on International General Insurance Co Ltd (IGI).The affirmed rating is mainly driven by IGI’s well-diversified underwriting portfolio across business lines and geographies as well as its strong capitalisation level to support growth. These strengths are underscored by a prudent approach to reserving policy....

MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) RM120.0 million Fixed Rate Serial Bonds. The rating outlook remains negative. The rating outlook was revised to negative last year over its reduced cash buffer due to a higher tax liability arising from underpayments in prior years totalling RM3.2 million. CISB is required to settle the tax arrears in four annual instal...

MARC has maintained its rating of CIS on Talam Transform Berhad’s (Talam) outstanding RM40.0 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDs) as at June 5, 2020. Under the restructuring exercise undertaken by Talam in March 2019, the maturity date of the Settlement BaIDs was extended by 18 months to December 28, 2020 from June 28, 2019.The rating considers Talam's weak...

MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook.MHB’s strong competitive advantage as the largest domestic offshore fabricator, its conservative balance sheet and strong liquidity position are key rating drivers. The rating also incorporates a one-notch uplift based on MHB’s stat...

MARC has assigned a final rating of AAAIS to Pengerang LNG (Two) Sdn Bhd’s (PLNG2) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. 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 preli...