MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme (Sukuk Wakalah) of up to RM2.0 billion. The rating outlook has been revised to stable from negative.The previous negative outlook reflected a potential construction delay then in relation to the company’s Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) project and the impa...

MARC has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The outstanding IMTN under the rated programme stood at RM4.07 billion as at May 31, 2020. Aman is a wholly-owned funding vehicle of PBLT Sdn Bhd, the developer of 74 projects comprising quarters and facilities for Polis Diraja Malaysia (PDRM)...

MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1/Stable. CIMB Islamic’s FI ratings are equalised to parent CIMB Bank Berhad (AAA/Stable), based on its strategic importance in Islamic banking, its shared branding and close operational integration within the group. The rating agency has concurrently affirmed the ratings on CIMB Islamicâ...

MARC has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. CIMB Group is a non-operating financial holding company whose key operating entities domestically are CIMB Bank Berhad, ...

MARC has affirmed its financial institution (FI) ratings on CIMB Bank Berhad at AAA/MARC-1/Stable. Concurrently, the ratings on the bank’s existing subordinated debt programmes have been affirmed. These ratings have been notched down from the bank’s long-term FI rating based on their relative loss severity risk profiles. The subordinated debt programmes are as follows: RM10.0 billion Base...

MARC has extended its MARCWatch Negative placement on MEX II Sdn Bhd’s RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds. MARC had first placed the ratings on watch in May 2020 because of the company’s lack of sufficient progress with respect to its 16.8-km Lebuhraya Putrajaya-KLIA highway project (MEX Extension) and its inability to meet the project milestones since the...

MARC has affirmed its rating of AA-IS on toll road concessionaire Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah. The rating outlook has been revised to stable from negative. The outstanding sukuk stood at RM150.0 million as at August 5, 2020. The revised outlook incorporates a substantial reduction in the uncertainties surrounding the collection of toll compensation for Grand ...

MARC has withdrawn its AAAIS rating on Cagamas MBS Berhad’s asset-backed Sukuk Musyarakah of RM2,050.0 million (CMBS 2005-1). The rating withdrawal follows the full redemption of the final tranche (Series 6) of the RM400.0 million sukuk issued under CMBS 2005-1 and cancellation of the facility which was confirmed by the facility agent.MARC’s analytical coverage on Cagamas MBS is now limited to...

MARC has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. Currently, there is no outstanding under the programme.The affirmed rating continues to benefit from rating uplift on MARC’s expectation of strong parental support from Petroliam Nasional Berhad (PETRONAS) based on the operational and financial integration between t...

MARC has affirmed its ratings on WCT Holdings Berhad’s RM1.0 billion Medium Term Notes (MTN) Programme at AA- and its RM1.5 billion Sukuk Murabahah (Sukuk) Programme at AA-IS. The rating agency has also affirmed its rating on the RM1.0 billion Perpetual Sukuk Musharakah Programme at AIS. The outlook for all ratings is stable.The affirmed MTN and Sukuk programme ratings consider WCT’s strong an...