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MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) Programme with a stable outlook. The outstanding under the programme was RM435.0 million as at end-September 2024.As a funding vehicle for Ahmad Zaki Resources Berhad (AZRB), ACSB facilitates the subscription of Redeemable Convertible Preference Shares (RCPS-i) ...
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MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is a wholly-owned funding vehicle of Trans Thai-Malaysia (Thailand) Limited (TTMT) for the construction of two gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area in the Gulf of Thailand to the industrial city of Rayong in ...
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MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The long-term rating outlook is stable. The affirmed ratings reflect PDB’s well-established track record and its very strong market position in the domestic retailing and marketing of petroleum pro...
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MARC Ratings has affirmed its rating of AAIS on Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah Programme with a stable outlook.Northport’s well-established operational track record as a key port operator in Port Klang and healthy profitability remain key rating drivers. The rating is mainly moderated by concerns on global trade flows and higher capex requirements to further strength...
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MARC Ratings has assigned a final rating of AAIS to Berapit Mobility Sdn Bhd’s RM1.5 billion Sustainability Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the prelim...
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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 premised on the strength of the credit profile of MMC Port’s port subsidiaries which have healthy operating track records and strong cash flow generation abilities that provide dividend income to meet MMC Port’s financial obligation...
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MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme with a stable outlook. The affirmation reflects ALR’s sound credit metrics, backed by ample liquidity and strong cash flow generation from its mature and resilient toll road assets, and supported by a tight transaction structure with no dividend distributions allowed. MARC Ra...
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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 and reflects the irrevocable and unconditional Letter of Undertaking (LoU) from the government that would cover any cash shortfall...
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MARC Ratings has assigned a rating of AAIS to Cellco Capital Berhad’s (Cellco) RM130 million Islamic Medium-Term Notes (Issue 2) to be issued under its Sukuk Ijarah Programmes of up to RM1.0 billion. The rating outlook is stable. The RM130 million will be the second issuance under the Sukuk Ijarah Programmes after the RM520 million (Issue 1) in 2021 which also carries ratings of MARC-1IS/AAIS/St...
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MARC Ratings has affirmed its AAAIS/Stable rating on Celcom Networks Sdn Bhd’s (CNSB) Sukuk Murabahah Programme of RM5.0 billion. CNSB is wholly owned by Celcom Berhad, which, in turn, is 100%-owned by CelcomDigi Berhad, and provides network telecommunication (telco) services to the group.MARC Ratings considers the overall credit profile of CNSB’s ultimate shareholder, CelcomDigi, in view of t...
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