MARC has withdrawn its financial institution (FI) ratings of AAA/MARC-1 on Malayan Banking Berhad (Maybank), as well as its AAA rating on Maybank’s RM10.0 billion Senior Medium-Term Notes programme. The ratings carried a stable outlook. The ratings withdrawal is at the request of the issuer. Contacts: Douglas De Alwis, +603-2717 2965/ douglas@marc.com.my; Mohd Izazee Ismail, +603-2...

MARC has extended its MARCWatch Negative on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green SRI Sukuk rating while noting the fairly advanced stage of completion of QSP Semenanjung’s two remaining plants namely the Jasin and Merchang solar power plants. The rating was downgraded to A+IS and placed on MARCWatch Negative on January 25, 2019 on concerns that the ...

MARC is releasing this update on its toll concessionaire-related ratings to highlight its actions following recent developments in the domestic toll road sector. Its last rating action on the toll road sector was on August 30, 2018 when the rating agency removed its MARCWatch Developing on the sector to reflect the substantial abatement of risk from any immediate resolution to the tolling issue. ...

MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 2 Medium-Term Notes (MTN) of RM130 million Class A, RM25 million Class B and RM15 million Class C. Concurrently, MARC also affirmed its MARC-1 rating on Kinabalu Capital’s issue of up to RM170 million Commercial Papers (CP). The outlook on all ratings is stable. The issuance of the rated MTN and/...

MARC has affirmed its corporate credit rating on Tenaga Nasional Berhad (TNB) at AAA and its sukuk rating on TNB’s RM2.0 billion Al-Bai’ Bithaman Ajil Bonds at AAAIS. The ratings outlook is stable. TNB’s ratings benefit from a two-notch uplift to reflect MARC's assessment of a high likelihood of government support premised on TNB’s standalone corporate credit rating of AA/Stable. The s...

MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The outlook on the ratings is stable. The rated programmes have a combined limit of RM1.5 billion and the outstanding under the programmes was RM450 million as at end-January 2019. Northport is a port operator o...

MARC has affirmed its financial institution (FI) rating of AAA on The Export-Import Bank of Korea (KEXIM) and the issue rating of AAA on its Medium-Term Notes programme of RM1.0 billion. The FI and issue ratings are based on the domestic rating scale. The outlook on the ratings is stable. The FI rating on KEXIM is equalised to the Republic of Korea’s (South Korea) AAA/stable rating from MA...

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 on KIB reflects the fund management company’s well-established investment processes, sound risk management practices and strong operating track record. These factors are moderated by a modest assets und...

MARC has issued this update on Kinabalu Capital Sdn Bhd following an increase in the existing issuance amount under Issue 1 from RM185 million under the Commercial Papers/Medium-Term Notes (CP/MTN) Programme to RM220 million. The proceeds of RM35 million from the increase on Issue 1 will be advanced to MRCB Quill-REIT (MQ REIT) as part of their central treasury management. Kinabalu Capital i...

MARC has affirmed its MARC-1 rating but lowered its AA rating to AA- rating on Murud Capital Sdn Bhd’s Senior Commercial Papers/Medium-Term Notes (Senior CP/MTN) programme of up to RM290 million. The ratings outlook remains negative. The rating action assumes a reduction of RM35 million in the outstanding amount of RM279 million of Senior CP/MTN to RM244 million by end-March 2019 through a...