MARC has assigned a final rating of AAAIS(fg) to Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme. The outlook on the rating is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the Sukuk have not changed in any material way from the draft documentation on which the earlier preliminary rating o...

MARC has affirmed its ratings of MARC-1/AA- and MARC-1IS(cg)/AA-IS(cg) on Sunway Berhad’s (Sunway) RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programme and Sunway Treasury Sukuk Sdn Bhd’s (STSSB) RM2.0 billion Sukuk programme. STSSB’s Sukuk programme carries an Al-Kafalah guarantee from Sunway. The affirmation is premised on Sunway Group’s expected total debt level of RM10...

MARC has affirmed its financial institution (FI) ratings on CIMB Bank Berhad (CIMB Bank) at AAA / MARC-1 with a stable outlook. Concurrently, MARC has also affirmed its corporate debt ratings on CIMB Bank’s existing subordinated debt and hybrid securities, which have been notched down from the bank’s FI ratings based on their relative loss severity risk profiles. The full list of issue rating...

MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 on CIMB Islamic Bank Berhad (CIMB Islamic). The FI ratings on CIMB Islamic are equalised to that of its parent CIMB Bank Berhad (CIMB Bank) (rated AAA/Stable), given the bank’s strategic importance as the latter’s Islamic banking arm, their shared branding and close operational integration. Concurrently, MARC has also affi...

MARC has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The outlook on the ratings is stable. The one-notch rating differential between CIMB Group’s long-term corporate credit rating and its sub-debt programme...

MARC has affirmed its financial institution (FI) ratings of A/MARC-1 on Bank Muamalat Malaysia Berhad (Bank Muamalat) and its 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 rating based on the seniority of the sukuk. The outlook on the ratings is stable. T...

MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) outstanding 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 outlook on the ratings is stable. The affirmed ratings reflect the unconditional and irrevocable...

MARC has affirmed Kuwait Finance House (Malaysia) Berhad's (KFH Malaysia) long-term and short-term financial institution (FI) ratings of AA+/MARC-1 with a stable outlook. The FI ratings are based on Malaysia’s national rating scale. KFH Malaysia’s long-term FI rating has been notched down from its parent Kuwait Finance House KSC’s (KFH) long-term FI rating of AAA, premised on MARC’s ...

MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. The affirmed rating primarily reflects Southern Power’s predictable operational cash flow on the back of an availability-based tariff structure under a 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) (AAA/Stable). ...

MARC has affirmed its rating of AA-IS on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah with a negative outlook. Wholly owned by Ekovest Berhad, DUKE 3 is undertaking the design, construction, financing, operations and maintenance of Setiawangsa-Pantai Expressway (SPE), a 32-km elevated dual two-lane carriageway. The toll road project is being built un...