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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. Currently, the sukuk programme has no outstanding amount. The rating incorporates a one-notch rating uplift based on MARC’s expectation of continued business support from its ultimate parent, Petroliam Nasional Berhad (PETRONAS)...
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MARC has affirmed its ratings of AA-IS and A- on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk with regard to security ranking and payment...
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MARC has affirmed its ratings on Berjaya Land Berhad’s RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The ratings outlook is stable. The ratings reflect the unconditional and irrevocable guarantees provided by Danajamin and OCBC...
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MARC has placed Projek Lebuhraya Usahasama Berhad’s (PLUS) AAAIS/Stable rating on its RM23.35 billion Sukuk Musharakah Programme on MARCWatch Developing.
The rating action has been triggered by the recent government announcement on PLUS with the aim to reduce the toll burden on the Rakyat and relieve the government of compensation pressures. Achieving these objectives, however, will neces...
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MARC has assigned a rating of AA-IS to TG Excellence Berhad’s proposed RM3.0 billion Perpetual Sukuk Wakalah Programme. TG Excellence Berhad is a special purpose wholly-owned subsidiary of Top Glove Corporation Bhd (Top Glove) to which MARC has concurrently assigned a corporate credit rating of AA. The ratings carry a stable outlook.
Top Glove will provide a subordinated unconditional and ...
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MARC has affirmed its financial institution (FI) ratings of A/MARC-1 on Bank Muamalat Malaysia Berhad (Bank Muamalat) and AIS rating on the bank’s Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion. The rating on Bank Muamalat’s Senior Sukuk programme is equalised to its long-term FI ratings based on the seniority of the sukuk. The ratings outlook is stable.The FI ratings inc...
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MARC has affirmed its AA- rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes facility (MTN facility). The outlook is revised to stable from negative. Segi Astana’s rating and the outlook mirror its parent WCT Holdings’ senior debt ratings of AA- with stable outlook which was revised from negative on August 28, 2019. This assessment is ...
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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 stable
from negative.The outlook revision incorporates the improvement in the volume of foreign worker permits issued since the conclusion of the government-initiated rehiring programme in June 2018. D...
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MARC has
affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion
Sukuk Murabahah Programme with a stable outlook.CNSB, a
wholly-owned subsidiary of Celcom Axiata Berhad (Celcom), provides network
telecommunication services to its parent. In assessing CNSB’s rating, MARC
considers the overall credit profile of the Celcom group given the financial
and operational linkag...
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MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook.
The affirmed ratings are primarily premised on Kenanga’s strong competitive position in the retail stockbroking business in Malaysia, its healthy capital position, its moderate profitability metrics and adequate funding profil...
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