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MARC Ratings has affirmed its AA-IS rating on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook.The rating affirmation is driven by the group’s strong competitive position and well-established operational track record of its port operators in providing transshipment and gateway services. The port operators’ healthy cash flow generation, which stems fro...
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MARC Ratings has upgraded Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme short-term rating to MARC-1IS from MARC-2IS. The upgrade reflects Titijaya’s stronger long-term credit profile, with improved business profile and healthier balance sheet, characterised by lower leverage and higher liquidity. Key factors moderating the rating are the challen...
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MARC Ratings has extended its MARCWatch Developing on UMW Holdings Berhad’s (UMW) sukuk programmes, where the ratings have been placed since August 25, 2023. The rating action was based on the then proposed changes to UMW’s shareholding structure. This relates to the proposed sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake in UMW to Sime Darby Enterprise Sdn Bhd (SDESB), a who...
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MARC Ratings has extended its MARCWatch Negative on ANIH Berhad’s outstanding Senior Sukuk Musharakah programme of RM1.48 billion, where it has been placed since May 25, 2023. The rating agency notes that the change in ANIH’s shareholding structure is still pending the government’s approval, which the company expects to receive by end-2023. We understand that only upon obtaining the app...
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MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS' standalone rating of AA. The uplift is supported by the irrevocable and unconditional Letter of Undertaking (LoU) provided by the government through...
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MARC Ratings has affirmed its rating of AA-(cg) on Chailease Berjaya Credit Sdn Bhd’s (CBC) RM1.0 billion Medium-Term Notes (MTN) Programme. The rating outlook is stable. The programme carries an unconditional and irrevocable guarantee from CBC’s ultimate holding company, Chailease Holding Company Limited (CHC). The rating considers CBC’s strong operating trajectory, which demonstrates ...
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MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary, Kenanga Islamic Investors Berhad (KIIB).The rating considers KIB’s well-established investment processes and sound risk management practices. KIIB is well-integrated with the parent in terms of shared resources, centralised support functions and infrastruc...
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MARC Ratings has assigned a preliminary rating of AA-IS to LBS Bina Group Berhad’s proposed Islamic Medium-Term Notes Programme of up to RM750.0 million. The rating outlook is stable. The assigned rating is mainly premised on LBS Bina’s strong sales track record in the affordable and mid-market residential property segment, its sizeable unbilled sales and healthy cash flow metrics. Modera...
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MARC Ratings has assigned a "Gold" Impact Assessment to LBS Bina Group Berhad’s (LBS) Sustainable Financing Framework. The framework has been established to set the guiding principles for LBS’ sustainable financing instruments for specific eligible projects that contribute towards environmental and social benefits.MARC Ratings has assessed the framework and is satisfied that it is aligned with...
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MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook has been revised to negative from stable.The outlook revision is premised on the continued weakening of the group’s business profile that has resulted in declining market share in the domestic automotive industry and un...
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