MARC has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM1.5 billion Sukuk Murabahah Programme (Sukuk Murabahah) with a stable outlook. The rating affirmation reflects MMC’s strong competitive position in port operations, engineering and construction, as well as power generation. The affirmed rating is also supported by long-term concessions for its ports and power oper...

MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion. The outlook on the ratings is stable. PDB’s ratings are equalised to the ratings of its parent, Petroliam Nasional Berhad (PETRONAS) on which MARC maintains public information ratings of AAA/MARC-1/Stable. ...

MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) outstanding RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The outlook for the ratings is stable. The affirmed ratings reflect the unconditional and irrevocable gua...

MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme respectively. The outlook on the ratings is stable. The ratings affect the outstanding amount of RM450 million as at December 31, 2017 under the rated programmes which have a combined limit of RM1.5 billion. Nort...

MARC has assigned a final rating of AA-IS to SAJ Capital Sdn Bhd’s (SAJ Capital) Sukuk Murabahah of up to RM650 million for up to 12 years. 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 Sukuk Murabahah have not changed in any material way from the draft documentation on which the earlier p...

MARC has affirmed its rating of AAAIS on TNB Western Energy Berhad’s (TNB Western Energy) Sukuk of up to RM4.0 billion with a stable outlook. The rating and outlook are equalised with Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable, taking into consideration the post-completion rolling guarantee provided by the parent to fund shortfalls in the finance service account (FSA...

MARC has affirmed its long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee and Investment Facility (CGIF) with a stable outlook. The ratings are based on Malaysia’s national rating scale. The affirmed ratings reflect CGIF’s strong capital and liquidity positions which are underpinned by sound policy guidelines and a strong governance structure. Manila-b...

MARC has affirmed its rating of AA-IS on TSH Sukuk Ijarah Sdn Bhd’s (TSH Sukuk Ijarah) RM300.0 million Islamic Medium-Term Notes (IMTN) Programme. The outlook is stable. TSH Sukuk Ijarah is one of three special purpose funding vehicles set up by its parent, TSH Resources Berhad (TSH), to fund TSH’s crude palm oil (CPO) operations. The others are TSH Sukuk Musyarakah Sdn Bhd and TSH Sukuk Mura...

MARC has affirmed its ratings of MARC-1IS /AA-IS on TSH Sukuk Murabahah Sdn Bhd’s (TSH Sukuk Murabahah) RM50.0 million Islamic Commercial Papers (ICP) and RM150.0 million Islamic Medium-Term Notes (IMTN) Programmes. The outlook is stable. TSH Sukuk Murabahah is one of three special purpose funding vehicles set up by its parent, TSH Resources Berhad (TSH), to fund TSH’s crude palm oil (CPO) op...

MARC has affirmed its rating of AAAIS(fg) on special-purpose vehicle TSH Sukuk Musyarakah Sdn Bhd’s (TSH Sukuk Musyarakah) RM100.0 million Guaranteed Islamic Medium-Term Notes (IMTN) Programme. The outlook is stable. TSH Sukuk Musyarakah is one of three special purpose funding vehicles set up by its parent, TSH Resources Berhad (TSH), to fund TSH’s crude palm oil (CPO) operations. The others ...