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MARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable.The affirmed rating reflects the sizeable and predictable revenue from PLNG2’s regasification services under the Incentive-Based Regulation (IBR) framework, and the mitigation of demand risk under its long-term us...
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MARC Ratings has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. The affirmed rating reflects Evyap Malaysia’s vertically integrated oleochemical production facilities that have afforded control over its manufacturing process, its globally established customer base, and strong operating performa...
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MARC RATINGS AFFIRMS AAAIS(FG) RATING ON MASTEEL'S RM130.0 MILLION GUARANTEED SUKUK IJARAH PROGRAMME
MARC Ratings has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Danajamin Nasional Berhad-guaranteed Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on MARC Ratings’ assessment of credit strength of Danajamin (AAA/Stable) which has provided an unconditional and irrevocable financial guarantee insuran...
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MARC Ratings has affirmed its AAIS /AA ratings on funding vehicle OSK Rated Bond Sdn Bhd’s Sukuk Murabahah/ Multi-Currency Medium-Term Notes Programmes (MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and irrevocable guarantee from OSK Hol...
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MARC Ratings has affirmed its AAAIS/MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The outstanding amount under the programmes stood at RM331.0 million as at end-July 2022. The ratings outlook is stable. The affirmed ratings are mainly driven ...
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MARC Ratings has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes (IMTN) Programme up to RM5.0 billion (Sukuk Murabahah) with a stable outlook. MRCB’s longstanding track record as a property developer in transit-oriented developments (TOD), and its sizeable outstanding construction order book comprising large infrastructure projects re...
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MARC Ratings has affirmed Top Glove Corporation Bhd’s (Top Glove) corporate credit rating at AA+ and concurrently affirmed its wholly-owned TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme rating at AA-IS(CG). The ratings outlook is stable. The rating on the perpetual sukuk reflects its subordination to Top Glove group's senior unsecured obligations. Top Glove’s le...
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MARC Ratings has downgraded the ratings of Serba Dinamik Holdings Berhad’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes from CIS/MARC-4IS to a default rating of DIS. The ratings had been lowered to CIS/MARC-4IS on December 10, 2021 when it failed to meet a coupon payment on an outstanding USD sukuk issued by its wholly-owned subsidiary.The downgrade to DIS foll...
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MARC has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. As of date, the company has issued RM200 million sukuk.The rating is premised on Evyap Malaysia’s strong domestic market position in oleochemicals, its vertically integrated operations, and its ability to broaden its customer base for both soap...
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MARC has downgraded Serba Dinamik Holdings Berhad’s Islamic Medium-Term Notes Programme (IMTN) rating to CIS from BBIS/Negative. Serba Dinamik’s Islamic Commercial Papers (ICP) rating remains at MARC-4IS which is the lowest category under the non-investment grade, reflecting the heightened risk of non-repayment on the outstanding RM100 million ICP.MARC’s downgrade action is premised on the m...
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