MARC has affirmed its rating for Central Impression Sdn Bhd’s (CISB) 11-year Fixed Rate Serial Bonds of RM120.0 million at AA-. The rating outlook has been revised to negative from stable. The revised outlook reflects CISB’s reduced cash buffer mainly due to an unexpected tax liability arising from underpayments in prior years. This could potentially lead to a covenant breach of the debt...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's outstanding Islamic securities (sukuk) of RM1.475 billion with a stable outlook. TNB Northern Energy is a wholly-owned subsidiary of TNB Prai Sdn Bhd and was set up to construct a 1,071.43-MW combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang. TNB Prai in turn is 100%-owned by Tenaga Nasional Berhad (TNB,...

MARC has lowered the ratings of MEX II Sdn Bhd’s RM1.30 billion Sukuk Murabahah Programme and RM150 million Junior Bonds Issuance from AA-IS and A- to AIS and BBB. The rating outlook remains negative. The ratings have been on negative outlook mainly due to rising completion risk. This was rooted in the increasing uncertainty related to the development of the 16.8-km Lebuhraya KLIA (MEX Ext...

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 outlook remains stable. Kinabalu Capital is wholly owned by MRCB-Quill REIT (MQ REIT), a real estate inve...

MARC has affirmed its ratings of MARC-1IS and AAAIS on Gas Malaysia Berhad’s Islamic Commercial Papers (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700.0 million. The ratings outlook is stable. The outstanding under the MTN programme was RM281 million as at end-September 2019. The ratings affirmation is driven by Gas Malaysia’s dominan...

MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on International General Insurance Co Ltd (IGI). The rating affirmation is driven by IGI’s healthy capitalisation, sound liquidity profile and a well-diversified underwriting portfolio that has been able to withstand the impact of catastrophic events in 2017. IGI is a specialty insurer with total assets of...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The rating affirmation factors in the favourable terms of KPSB’s 21-year power purchase agreement (PPA) under which the demand risk is allocated to the offtaker Sabah Electricity Sdn Bhd (SESB). Tenaga Nasional Berhad (TNB), which has a MARC rating of AAA/St...

MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the Republic of Korea (South Korea), based on its national rating scale. The AAA rating reflects South Korea’s steady economic performance, prudent fiscal management and strong external position. Meanwhile, a rapidly ageing population and rising geopolitical risk remain concerns. South Korea’s eco...

MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding is RM50.0 million BaIDS payable in December 2022. GDC Putrajaya is a wholly-owned subsidiary of Putrajaya Holdings Berhad (PJH) and is the sole supplier of chilled water for al...

MARC has lowered Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme to MARC-2IS from MARC-1IS. The outstanding notes under the programme stood at RM50.0 million as at end-June 2019. The rating action reflects the increased concerns on Titijaya’s business and credit profile arising from the prevailing weak property market. In particular, pressure on ...