MARC has maintained its AA-IS rating on MMC Corporation Berhad’s (MMC) Sukuk Murabahah (Sukuk Murabahah) Programme following an upsize of the programme limit to RM2.5 billion from the original RM1.5 billion. The outlook on the rating is stable. MARC views that as the proceeds from the additional RM1.0 billion Sukuk Murabahah will be wholly utilised to redeem an existing term loan facility...

MARC has affirmed its AAA(bg) and AAA(fg) ratings on Premier Merchandise Sdn Bhd’s (Premier Merchandise) RM300 million 7-year Medium-Term Notes (MTN) Programme (Tranche 1) and RM300 million 9-year MTN Programme (Tranche 2) respectively with a stable outlook. Tranche 1 and Tranche 2 are guaranteed by Malayan Banking Berhad (Maybank) and Danajamin Nasional Berhad (Danajamin) respectively. The rat...

MARC has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM1.5 billion Sukuk Murabahah Programme (Sukuk Murabahah) with a stable outlook. The rating affirmation reflects MMC’s strong competitive position in port operations, engineering and construction, as well as power generation. The affirmed rating is also supported by long-term concessions for its ports and power oper...

MARC has affirmed its ratings on Alpha Circle Sdn Bhd’s (Alpha Circle) Senior Sukuk Musharakah (Senior Sukuk) and Junior Sukuk Musharakah (Junior Sukuk) at AA-IS and AIS respectively. The two-notch rating differential reflects the subordination of the Junior Sukuk to the Senior Sukuk in terms of payment and security. The ratings outlook has been revised to negative from stable. The outstanding u...

MARC has withdrawn its AAA(fg) rating/stable outlook on KMCOB Capital Berhad’s (KMCOB) guaranteed serial bonds of up to RM320.0 million. The rating withdrawal is at the request of the issuer after obtaining its bondholders’ consent for a change in rating agency. MARC notes that KMCOB has proceeded to implement maturity extensions on the outstanding RM105.0 million under the rated bonds. ...

MARC has affirmed its AAA(fg) rating on KMCOB Capital Berhad’s (KMCOB) guaranteed serial bonds of up to RM320.0 million with a stable outlook. The rating and outlook reflect the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin), which carries MARC’s insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1. As at en...

MARC has withdrawn its AAA(bg) rating on Boustead Holdings Berhad’s RM1.0 billion Bank-Guaranteed Medium-Term Notes Programme. The rating withdrawal follows the full redemption and expiry of the programme as confirmed by the facility agent. Upon the rating withdrawal, MARC will no longer be providing analytical coverage on the issuer. Contacts: Saifuruddin Othman, +603-2717 2945/ saifu...

MARC has affirmed its ratings of A+IS and A-IS on DRB-HICOM Berhad’s (DRB-HICOM) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.8 billion and Perpetual Sukuk Musharakah Programme (Perpetual Sukuk) of up to RM2.0 billion respectively. The outlook on the ratings is maintained at stable. The affirmed ratings reflect the improving credit profile of DRB-HICOM following a 49.9% dilutio...

MARC has withdrawn its MARC-1IS/AAAIS ratings on Sime Darby Berhad’s (Sime Darby) Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programme with a combined limit of RM4.5 billion. The ratings carried a negative outlook. There were no outstanding issuances under the programme. The ratings withdrawal follows confirmation from the facility arranger, Maybank Investment Bank Berh...

MARC has assigned a final short-term rating of MARC-2IS to Bina Darulaman Berhad’s (BDB) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme. The outlook for the rating is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the ICP have not changed in any material way from the draft documentation on which the ea...