MARC has affirmed Indonesia’s foreign currency sovereign rating of AA- with a stable outlook based on its national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The government of Indonesia has no debt rated by MARC. Economic resilience continues to be the biggest rating support. In 2017, economi...

MARC has placed all issue ratings in its toll road universe on MARCWatch Developing. The driver for placing the ratings on MARCWatch Developing is the increased near-term uncertainty pending full clarity on the new government’s exact plans to deliver pre-election commitments on the scrapping of toll road charges. MARC currently rates 10 toll concessionaires with an aggregate outstanding of RM33...

MARC has placed Murud Capital Sdn Bhd’s debt ratings on MARCWatch Negative. Murud Capital currently has an outstanding RM279 million Senior Commercial Papers under the Senior Commercial Papers/Medium-Term Notes (Senior CP/MTN) programme of up to RM290 million. The programme is currently rated MARC-1/AA with a stable outlook. The programme is secured by a first legal charge over Murud Capit...

MARC has withdrawn its ratings of AAA and AA on Inverfin Sdn Bhd’s RM185.0 million Tranche A Notes and RM15.0 million Tranche B Notes under its RM200.0 million Medium-Term Notes (MTN) Programme. The ratings withdrawal follows the full redemption of the outstanding first issuance of RM160.0 million Tranche A Notes upon its expected maturity on February 28, 2018. The redemption was met by proceed...

MARC has withdrawn its MARC-1/AA ratings on Hong Leong Financial Group’s (HLFG) RM1.8 billion Commercial Papers/Medium-Term Notes programmes. The ratings carried a positive outlook. The ratings withdrawal is at the request of the issuer. Upon the withdrawal, MARC will no longer provide analytical coverage on HLFG. Contacts: Douglas De Alwis, +603-2717 2965/ douglas@marc.com.my; Sh...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. CMBS 2005-2 is backed by a ...

MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The rating affects the final tranche of sukuk under CMBS 2005-1 amounting to RM400.0 million. Wholly owned by Cagamas Holdings Berhad, Cagamas MBS was incorporated as a special purpose vehicle to undertake the securitisation of conventiona...

MARC has affirmed its AAAIS on Cagamas MBS Berhad’s RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. CMBS 2007-1-i is backed by a...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. CMBS 2007-2 is backed by a ...

MARC has withdrawn its ratings of AAA and AA on Special Coral Sdn Bhd’s (Special Coral) RM300.0 million Senior Class Medium-Term Notes (MTN) under the RM1.1 billion MTN Programme. The rating withdrawal follows the completion of the refinancing exercise and full redemption of outstanding RM160.0 million Class A MTN and RM40.0 million Class B MTN. There were no issuances for Senior Class C throug...