MARC has assigned a rating of AA-IS to TG Excellence Berhad’s proposed RM3.0 billion Perpetual Sukuk Wakalah Programme. TG Excellence Berhad is a special purpose wholly-owned subsidiary of Top Glove Corporation Bhd (Top Glove) to which MARC has concurrently assigned a corporate credit rating of AA. The ratings carry a stable outlook. Top Glove will provide a subordinated unconditional and ...

MARC has withdrawn its ratings of MARC-1IS/AA-IS on Serba Dinamik Holdings Berhad’s RM1.5 billion multi-currency Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programmes on early redemption. The ratings carried a stable outlook. The ratings withdrawal is at the request of the issuer, following early redemption of the outstanding under the programmes on December 19, 2019. ...

MARC has affirmed its MARC-1IS/AA-IS ratings on Serba Dinamik Holdings Berhad’s (Serba Dinamik) RM500 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a combined limit of RM1.5 billion. The outlook on the ratings is stable. The stable outlook assumes that over the next quarter, the group will reduce its le...

MARC has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC has issued an insurer financial strength rating of AAA/stable and long-ter...

MARC has assigned a final rating of AAAIS(fg) to Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme. 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 have not changed in any material way from the draft documentation on which the earlier preliminary rating o...

MARC has assigned a preliminary rating of AAAIS(fg) to Malaysia Steel Works (KL) Bhd’s (Masteel) proposed RM130.0 million Sukuk Ijarah Programme with a stable outlook. The assigned rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC has an insurer financial strength rating of AAA/stable a...

MARC has assigned final ratings of MARC-1IS/AA-IS with a stable outlook to Serba Dinamik Holdings Berhad’s (Serba Dinamik) proposed RM500 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (collectively, the Sukuk Wakalah programmes) with a combined limit of RM1.5 billion. Upon review of the final documentation for the programm...

MARC has assigned preliminary ratings of MARC-1IS/AA-IS with a stable outlook to Serba Dinamik Holdings Berhad’s (Serba Dinamik) proposed RM500 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (collectively, the Sukuk Wakalah Programmes) with a combined limit of RM1.5 billion. Serba Dinamik is expected to make a first issuance of u...

MARC has withdrawn its AAAIS(fg)/Stable rating on Antara Steel Mills Sdn Bhd’s RM300.0 million Danajamin-guaranteed Sukuk Mudharabah programme. The rating withdrawal follows the final redemption of the outstanding amount of RM60.0 million upon the expiry of the programme on June 28, 2018, as confirmed by the facility agent. Upon the withdrawal, MARC will no longer provide analytical covera...

MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC has an insurer financial strength rating of AAA/stable and long-term counte...