MARC has assigned preliminary ratings of MARC-1IS/AA-IS with a stable outlook to Serba Dinamik Holdings Berhad’s (Serba Dinamik) proposed RM500 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (collectively, the Sukuk Wakalah Programmes) with a combined limit of RM1.5 billion. Serba Dinamik is expected to make a first issuance of u...

MARC has affirmed its short-term rating of MARC-1IS on Titijaya Land Berhad’s (Titijaya) RM150.0 million Islamic Commercial Papers (ICP) Programme with a stable outlook. The outstanding notes under the programme stood at RM50.0 million as at end-July 2018. The rating incorporates Titijaya’s fairly established property development track record with a primary focus on the more resilient me...

MARC has affirmed Malayan Banking Berhad’s (Maybank) financial institution (FI) ratings at AAA/MARC-1 and concurrently the rating on the bank’s RM10.0 billion Senior Medium-Term Notes (MTN) programme at AAA. The FI and issue ratings are based on a national rating scale. MARC has also assigned an intrinsic credit strength rating (ICSR) of A-ND to the bank. The ICSR is based on an internat...

MARC has withdrawn its AAAIS(fg)/Stable rating on Antara Steel Mills Sdn Bhd’s RM300.0 million Danajamin-guaranteed Sukuk Mudharabah programme. The rating withdrawal follows the final redemption of the outstanding amount of RM60.0 million upon the expiry of the programme on June 28, 2018, as confirmed by the facility agent. Upon the withdrawal, MARC will no longer provide analytical covera...

MARC has, based on its national rating scale, affirmed its public information foreign currency sovereign rating of AAA/stable on Singapore. The AAA rating reflects Singapore’s prudent macroeconomic management, strong fiscal and external positions, as well as credible governance and institutions. Its strengths are, however, moderated by its rapidly ageing population, which could pose challenges ...

MARC has affirmed its short-term rating of MARC-2IS on investment holding company Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme. The outlook for the rating is stable. The outstanding notes under the programme stood at RM50.0 million as at end-March 2018. The rating affirmation primarily reflects BDB’s strong liquidity position and moderate debt l...

MARC has withdrawn its rating of AAAIS on Cagamas Berhad’s RM5.0 billion Islamic Medium-Term Notes (IMTN) programme. The rating carried a stable outlook. The rating withdrawal follows the early cancellation of the programme as confirmed by the facility agent on June 22, 2018. Upon the withdrawal of the rating, MARC’s analytical coverage on Cagamas is now limited to its RM20.0 billion Con...

MARC has withdrawn its AAAIS(fg) rating on TSH Sukuk Musyarakah Sdn Bhd’s RM100.0 million Danajamin-guaranteed Islamic Medium-Term Notes (IMTN) programme. The rating carried a stable outlook. TSH Sukuk Musyarakah is a special purpose funding vehicle of TSH Resources Berhad. The issuer had fully redeemed its outstanding amount of RM50.0 million under the programme on April 4, 2018. The programme...

MARC has affirmed its ratings on national mortgage corporation Cagamas Berhad’s bonds and sukuk issues as follows: Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion at MARC-1/ MARC-1IS ; Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM40.0 billion at AAA / AAAIS ; and IMTN programme of RM5....

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. Westports’ strong position as a key port operator in the region, consistently high and stable profit margin as well as strong financial service coverage continue to be key rating drivers. Moderating the rating is increasing competitive pressure arising from (...