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MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion. The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of rental payment streams to meet the obligations under this programme. Aman has informed it will undertake an early full redemption of the total outsta...
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MARC Ratings has affirmed its ratings of AAAIS(cg) /MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The outlook is stable. F&N Capital is a funding vehicle of Fraser & Neave Holdings Bhd (F&NHB) which has provided an unconditional and irrevocable corporate guarantee...
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MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of RM230.0 million with a stable outlook. The rating affirmation incorporates the strong operational track record of the two solar plants held by Leader Energy’s wholly-owned project companies, Leader Solar Energy Sdn Bhd (LSE I, 29MW) and Lead...
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MARC Ratings has assigned a preliminary rating of MARC-1 to Merchantrade Asia Sdn Bhd’s (Merchantrade) proposed Multi-Currency Commercial Papers (CP) Programme of up to RM200 million in nominal value. The rating is confined to ringgit-denominated issuance under the proposed programme, with the initial drawdown expected to be around RM50 million to RM70 million. The rating incorporates Merch...
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MARC Ratings has withdrawn its financial institution ratings of AAA/MARC-1 on Islamic Development Bank (IsDB), as well as its AAAIS rating on the Sukuk Wakalah Programme of RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The ratings withdrawal follows the expiry of the programme as confirmed by the facility agent on June 28, 2024. Accordingly, MARC Ratings ...
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MARC Ratings has removed YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) rating from MARCWatch Negative placement and concurrently downgraded the rating to BBIS. The rating had been on negative watch since January 18, 2024, precipitated by YNH’s weak financial position, delayed asset disposals and material issues concerning its key shareholder that have compound...
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MARC Ratings has assigned a final rating of MARC-1IS to OCK Group Berhad’s (OCK) RM500.0 million Islamic Commercial Papers (ICP) Programme. 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 rating was based.For full details on the a...
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MARC Ratings has withdrawn its rating of MARC-2IS on Bina Darulaman Berhad’s RM100.0 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the expiry of the programme as confirmed by the facility agent on June 25, 2024.Accordingly, MARC Ratings will no longer provide analytical coverage on the issuer.Contacts:Farhan Darham, +603-2717 2945/ farhan@marc.com.my Yazmi...
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MARC Ratings has affirmed its MARC-1IS/AAIS ratings on Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) Programmes with a stable outlook.The affirmation reflects Alam Flora’s stable cash flows derived from its 22-year waste collection and public cleansing concession agreement with the government ending 2033, as well as its robust liquidity p...
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MARC Ratings has withdrawn its insurer financial strength rating of AA+ on Bermuda-based International General Insurance Co Ltd. The rating carried a stable outlook. The rating withdrawal is at the request of the issuer.Contacts:Fahmi Hawari, +603-2717 2946/ fahmi@marc.com.my Mohd Izazee Ismail, +603-2717 2947/ izazee@marc.com.my ...
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