MARC has assigned a final rating of AAAIS to Islamic Development Bank’s (IsDB) proposed Sukuk Wakalah (Sukuk) issuance of up to RM400.0 million by Tadamun Services Berhad (Tadamun), a trust established by IsDB for the purpose of issuing the sukuk. 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 ...

MARC has assigned long-term and short-term financial institution (FI) ratings of AAA and MARC-1 respectively to the Islamic Development Bank (IsDB). The ratings are on the Malaysian national scale. Concurrently, the rating agency has assigned a preliminary rating of AAAIS to the proposed Sukuk Wakalah (Sukuk) issuance of up to RM400 million by Tadamun Services Berhad (Tadamun), a trust establishe...

MARC has withdrawn its AA+IS rating on Maybank Islamic Berhad’s (Maybank Islamic) RM1.0 billion Islamic Subordinated Sukuk (Subordinated Sukuk). The rating withdrawal follows the full redemption and cancellation of the Subordinated Sukuk on March 31, 2016 as confirmed by the facility agent. MARC continues to maintain its financial institution ratings on Maybank Islamic at AAA/MARC-1/Stab...

MARC has affirmed the ratings of AAA/AAAID on The Export-Import Bank of Korea’s (KEXIM) Conventional and/or Islamic Medium-Term Notes (MTN) programmes with a combined nominal value of RM3.0 billion and AAA on KEXIM’s RM1.0 billion MTN programme. The outlook on the ratings is stable. KEXIM’s ratings are equalised to the Republic of Korea’s (South Korea) AAA/stable rating from MARC on the n...

MARC has withdrawn its AAA rating on Woori Bank’s RM1.0 billion Medium-Term Notes (MTN) programme. The rating withdrawal follows the full redemption of the outstanding notes and subsequent cancellation of the programme as confirmed by the facility agent on March 9, 2016. Upon the withdrawal of the rating, MARC will no longer be providing analytical coverage on the issuer. Contac...

MARC has affirmed its AAA rating with a stable outlook on Woori Bank’s RM1.0 billion Medium-Term Notes (MTN) programme. The rating incorporates MARC’s assessment of Woori Bank’s high systemic importance as South Korea’s second largest commercial bank with consolidated assets of KRW297.1 trillion, or about 14% of the banking system’s total assets, as at end-September 2015. MARC has a for...

MARC has affirmed its ratings of A+ and A on special purpose vehicle RCE Advance Sdn Bhd’s (RCEA) outstanding RM15 million Class A and RM20 million Class B notes respectively under the RM420 million Fixed Rate Medium-Term Notes (MTN) Programme. Concurrently, the rating on the outstanding RM40 million Class C notes under the same programme has been lowered to BBB from BBB+. The outlook on the ra...

MARC has affirmed its AAA financial institution rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating incorporates a high systemic support uplift from CGC’s standalone credit profile based on its public policy role as a development financial institution (DFI) and its majority ownership by the central bank, Bank Negara Mal...

MARC has affirmed national mortgage corporation Cagamas Berhad’s (Cagamas) debt issue ratings as follows: Conventional and Islamic Commercial Paper (CP/ICP) Programmes with an aggregate combined limit of RM20.0 billion at MARC-1/ MARC-1ID respectively; Conventional and Islamic Medium-Term Notes (MTN/IMTN) Programmes of up to RM40.0 billion at AAA / AAAID respectively; and ICP and IMT...

MARC has affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 on Hong Kong-based The Bank of East Asia, Limited (BEA). The outlook on the ratings is stable. The affirmed ratings reflect the bank’s capacity to meet its financial obligations on the Malaysian national rating scale. MARC views BEA’s healthy capital position, strong earnings track record and fundi...