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MARC has affirmed its ratings on national mortgage corporation Cagamas Berhad’s bonds and sukuk issues as follows: • Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion at MARC-1/ MARC-1IS ; and• Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM6...
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MARC has affirmed the Republic of Singapore’s (Singapore) foreign currency sovereign rating of AAA with a stable outlook based on its national rating scale. The AAA rating reflects a number of strengths, including its dynamic and competitive economy which has the highest GDP per capita in the region. Singapore’s success as a global business and financial hub is underpinned by its sound macroec...
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MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on Malaysia under its national rating scale. The AAA rating reflects several credit strengths, including a competitive and well diversified economy. It was, for example, positioned relatively high at number 27 in the 2019 edition of the World Economic Forum’s Global Competitiveness Index 4.0 rankings. It is ...
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MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes:RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS / stable;RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS / stable; andRM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS / stable.The ratings affirmation and outlook are premised ...
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MARC has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable.PBSB was established as a funding vehicle for its parent Putrajaya Holdings Sdn Bhd (PJH) (AAA/Stable) to undertake the development of nine blocks of government office buildings and one block of shared facilities in Parcel F, Preci...
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MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM245.0 million. The rating outlook is stable.Sinar Kamiri owns and operates a 49.0MWac solar photovoltaic plant (SPP), which has been operational since November 27, 2018. The affirmed rating reflects Sinar Kamiri’s steady project fundamentals th...
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MARC has assigned a final rating of AA-IS to Leader Energy Sdn Bhd’s (Leader Energy) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM260.0 million. 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 docume...
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MARC has assigned preliminary ratings of AAAIS/MARC-1IS to Gas Malaysia Distribution Sdn Bhd’s (GMD) proposed Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable. GMD is a wholly-owned subsidiary of Gas Malaysia Berhad and was established under a group-wide reorganisation that in...
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MARC has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million. The rating outlook is stable. SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd, which holds an 80% interest in Ranhill SAJ Sdn Bhd (RSAJ), the sole water treatment operator and treated water distributor in Johor. SAJ Capital functions only as a single-purpose funding conduit for the suk...
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MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB), as well as its rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The outlook on the ratings is stable.The affirmed FI ratings reflect IsDB’s preferred creditor status as a multilateral development bank (MDB)...
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