MARC has assigned a preliminary 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. The rating primarily reflects BDB’s moderate business and financial profile, characterised by improving profitability on the back of increased property development activities and a secured ...

MARC has assigned final ratings of MARC-1IS/AA-IS to UEM Edgenta Berhad’s RM1,000.0 million Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programme. The outlook on the ratings is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the ICP/IMTN have not changed in any material way from the draft documentation on...

MARC has affirmed its AAAIS rating on MISC Berhad's (MISC) RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable. The affirmed rating reflects a three-notch rating uplift from its standalone rating based on MARC’s assessment of significant operational and financial integration with parent Petroliam Nasional Berhad (PETRONAS) on which the rating agenc...

MARC has assigned preliminary ratings of MARC-1IS/AA-IS to UEM Edgenta Berhad’s (UEM Edgenta) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under its Sukuk Murabahah Programme (Sukuk Murabahah) of up to RM1.0 billion. The outlook on the ratings is stable. UEM Edgenta’s long-term ratings are underpinned by MARC’s assessment of parental support from UEM Group Berhad. Th...

MARC has affirmed its AAA(bg) rating on Boustead Holdings Berhad’s (Boustead) RM1.0 billion Bank-Guaranteed Medium-Term Notes (BG MTN) programme with a stable outlook. The rating reflects the credit strength of the syndicated bank guarantee facility provided by OCBC Bank (Malaysia) Berhad (OCBC Malaysia), Public Bank Berhad (Public Bank), Malayan Banking Berhad (Maybank) and The Bank of Ea...

MARC has affirmed its ratings of MARC-1IS/AAAIS and AAIS on Sime Darby Berhad’s (Sime Darby) Islamic Commercial Paper/Islamic Medium-Term Note (ICP/IMTN) Programme with a combined limit of RM4.5 billion and Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion respectively. The two-notch rating differential between the Perpetual Sukuk and IMTN is in line with MARC’s ...

MARC has withdrawn its AA-(cg) and AA-IS(cg) ratings with a negative outlook on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Medium-Term Notes Programmes respectively. There are currently no outstanding issuances under the rated programmes, which are currently in the process of being cancelled by the issuer. MARC’s ratings withdrawal is at the...

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 e...

MARC has affirmed its ratings on Alpha Circle Sdn Bhd’s (Alpha Circle) RM540 million Senior Sukuk Musharakah (Senior Sukuk) and RM55 million Junior Sukuk Musharakah (Junior Sukuk) at AA-IS and AIS respectively with a stable outlook. The two-notch rating differential reflects the subordination of the Junior Sukuk to the Senior Sukuk in terms of payment and security. As at end-November 2016, the ...

MARC has affirmed its rating of AA-IS with a stable outlook on MMC Corporation Berhad’s (MMC) RM1.5 billion Sukuk Murabahah Programme (Sukuk Murabahah). The rating affects the outstanding sukuk of RM1.3 billion issued as at November 30, 2016. The affirmed rating is driven by MMC group’s sizeable business operations and strong competitive position in three key businesses namely port and ...