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MARC Ratings has withdrawn its financial institution (FI) rating of AAA on the Export-Import Bank of Korea (KEXIM), as well as its AAA rating on KEXIM’s Medium-Term Notes (MTN) programme of RM1.0 billion. The rating withdrawal on the MTN programme follows its expiry on February 2, 2022. With this withdrawal, MARC Ratings will cease providing analytical coverage on KEXIM. Contacts:Haziq Najm...
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MARC Ratings has withdrawn its ratings of AA+/AA+IS on CIMB Bank Berhad’s RM5.0 billion Tier 2 Subordinated Debt and Junior Sukuk programmes. The ratings withdrawal follows the termination of the programmes as confirmed by the facility agent.MARC Ratings’ analytical coverage on CIMB Bank’s issuance is now limited to the bank’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Pro...
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MARC Ratings has assigned its financial institution (FI) rating of A+ to MBSB Bank Berhad and a preliminary rating of A+IS to the bank’s proposed RM5.0 billion Sukuk Wakalah programme. The outlook on the ratings is stable.MBSB Bank’s strength in banking and financing, particularly in personal financing, and a strong capitalisation that has been well supported by its ultimate shareholder, Emplo...
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MARC has affirmed its financial institution (FI) rating of AAA with a stable outlook on Credit Guarantee Corporation Malaysia Berhad (CGC).The rating reflects CGC’s status as a development financial institution (DFI) with an explicit public policy role, underpinned by the support provided by the government through Bank Negara Malaysia (BNM), its key shareholder. We have incorporated a very high ...
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MARC has affirmed its financial institution 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 ratings outlook is stable. The ratings incorporate Bank Muamalat’s healthy capitalisation levels, stronger asset quality metrics and improved profitability trend. If the bank susta...
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MARC has affirmed Bank Pembangunan Malaysia Berhad’s (Bank Pembangunan) financial institution (FI) rating of AAA and accordingly the issue rating on the development financial institution’s (DFI) RM5.0 billion Islamic Medium-Term Notes (IMTN) Programme at AAAIS. The outlook on all ratings is stable. The ratings affirmation factors in Bank Pembangunan’s status as a wholly government-owned...
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MARC has assigned a final rating of AAAIS to Bank Pertanian Malaysia Berhad’s (Agrobank) RM1.0 billion Islamic Medium-Term Notes Programme (IMTN Programme). 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 preliminary r...
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MARC views the acquisition of Danajamin Nasional Berhad (Danajamin) by Bank Pembangunan Malaysia Berhad (Bank Pembangunan) does not have immediate rating implications on both entities. The rating agency currently rates both entities at AAA with a stable outlook. Bank Pembangunan will acquire 50% of Danajamin’s shares from Credit Guarantee Corporation Malaysia Berhad (CGC) and the rema...
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MARC has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB).The IMR rating continues to factor KIB’s well-established investment processes and sound risk management practices. The IMR rating on KIIB mirrors KIB’s based on our assessment on the former’s significant integration with...
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MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 with a stable outlook on Kenanga Investment Bank Berhad (Kenanga). Kenanga’s strong competitive position in the domestic stockbroking industry from which it has been able to generate moderate-to-strong income remains the key factor for the rating affirmation. This is supported by the investmen...
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