MARC has assigned an intrinsic credit strength rating (ICSR) of BBB+ND to The Export-Import Bank of Korea (KEXIM). The ICSR is based on a non-domestic scale. Concurrently, the rating agency has affirmed KEXIM’s financial institution (FI) rating at AAA and its Medium-Term Notes (MTN) programme of RM1.0 billion and conventional and/or Islamic MTN programmes with a combined nominal value of RM3.0 ...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA and sukuk rating of AAAIS on its outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The ratings outlook is stable. The ratings incorporate a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect MARC’s assessment of a high likelihood of government support premised on the co...

MARC has withdrawn its AAAIS(bg) and AAAIS(fg) ratings on Ranhill Capital Sdn Bhd’s (RCSB) RM300 million bank-guaranteed (Tranche 1) and RM500 million Danajamin-guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The ratings carry a stable outlook. The ratings withdrawal follows the early redemption of the total outstanding notes of RM540 million under the tranches and the subseque...

MARC has affirmed its ratings on Inverfin Sdn Bhd’s (Inverfin) RM185 million Tranche A notes and RM15 million Tranche B notes at AAA and AA respectively under its RM200 million Medium-Term Notes (MTN) programme. Inverfin intends to issue RM160 million Tranche A notes, proceeds of which will be used to redeem the outstanding Tranche A notes maturing on February 28, 2018. Concurrently, MARC has a...

MARC has withdrawn its rating of AAA(fg)/Stable on Segi Astana Sdn Bhd’s (Segi Astana) RM470.0 million Danajamin-guaranteed Medium-Term Notes (MTN) Programme. The rating withdrawal follows the full redemption and subsequent cancellation of the Programme as confirmed by the facility agent on February 7, 2018. Upon the withdrawal of the rating, MARC’s analytical coverage on Segi Astana is ...

MARC has affirmed its debt ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances as follows: RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS/stable; RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS/stable; RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS/stable; and RM2.2 billion Murabahah Medium-Term Not...

MARC has withdrawn its AAA rating/stable outlook on Cagamas MBS Berhad’s RM345.0 million Tranche 5 under the RM2,060.0 million asset-backed Fixed Rate Serial Bonds (CMBS 2005-2). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. MARC’s analytical coverage on CMBS 2005-2 is now limited to the outstanding RM650.0 million under the remainin...

MARC has affirmed its AAA(bg) and AAA(fg) ratings on Premier Merchandise Sdn Bhd’s (Premier Merchandise) RM300 million 7-year Medium-Term Notes (MTN) Programme (Tranche 1) and RM300 million 9-year MTN Programme (Tranche 2) respectively with a stable outlook. Tranche 1 and Tranche 2 are guaranteed by Malayan Banking Berhad (Maybank) and Danajamin Nasional Berhad (Danajamin) respectively. The rat...

MARC has affirmed its rating of AA-IS on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook. The affirmed rating incorporates predictable project cash flows, a manageable repayment profile that matches JEP’s availability-based revenue structure under the power purchase agreement (PPA) and the credit strength of project sponsors Tenaga Nasion...

MARC has assigned a final rating of AA-IS to Sinar Kamiri Sdn Bhd’s (SKSB) Green SRI Sukuk Wakalah of up to RM245.0 million. 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 Green SRI Sukuk Wakalah have not changed in any material way from the draft documentation on which the earlier prelimin...