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MARC has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The outstanding under the rated programme stood at RM3.22 billion as at October 26, 2021.Aman is a wholly-owned funding vehicle of PBLT Sdn Bhd, the developer of 74 projects comprising quarters and facilities for Polis Diraja Malaysia (PDRM). ...
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MARC has affirmed its AAA and MARC-1 ratings with a stable outlook on Kinabalu Capital Sdn Bhd’s outstanding RM20 million Class A Medium-Term Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The outstanding issuances will mature on December 22, 2021 and are in the process of being refinanced.The ratings reflect the loan-to-value (LTV) ratios of the classes that are within the ...
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MARC has downgraded its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) facility to A+ from AA-. The rating outlook is maintained at negative. The rating benefits from a single notch uplift based on the undertaking from parent WCT Holdings Berhad (WCT) (AA-/Stable) to provide liquidity support. Segi Astana’s weakened credit profile reflects the impact o...
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MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM75 million Fixed Rate Serial Bonds.The rating outlook remains negative and is premised on our concern over the company’s liquidity position if an ongoing plan to clear its tax arrears of RM10 million is not realised. Under the plan, CISB will issue new shares to its shareholders that will raise proceeds of RM...
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MARC has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.The affirmed rating is primarily driven by Sunsuria’s healthy profit margin, net low leverage and strong liquidity position. These factors have placed the group in a better position relative to its peers to weather the prevailing weak property market conditions, exace...
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MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances at AAAIS with a stable outlook.PJH’s timely receipt of sizeable rental income from the Malaysian government under long-term lease-and-sublease agreements and the strength of its government-linked shareholding structure remain key rating drivers. PJH is the master developer of the federal administrative ce...
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MARC has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable.The affirmed rating is mainly driven by the credit strength of the payment stream from the Malaysian government in the form of availability charges (AC), the quantum of which is sufficient to meet the financial obligations under th...
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MARC has assigned a rating of AIS to Tropicana Corporation Berhad’s (Tropicana) RM2.0 billion existing Perpetual Sukuk programme with a stable outlook. The Perpetual Sukuk is rated one notch lower than Tropicana’s corporate credit rating of A+/stable to reflect its features and is in line with MARC’s methodology on subordinated instruments. No equity credit has been given to the Perpetual Su...
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MARC has assigned a final rating of AAIS with a stable outlook to S P Setia’s RM3.0 billion Islamic Medium-Term Notes Programme.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 preliminary rating was based.For full details of the assigned rating, p...
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MARC has affirmed its rating of AAA on Inverfin Sdn Bhd’s Tranche A notes under the maximum limit of RM160 million of its Medium-Term Notes (MTN) programme. The outlook on the rating has been revised to negative from stable.The affirmed rating reflects the acceptable loan-to-value (LTV) ratio of 41.9% for the Tranche A notes that remains within the benchmark MARC applies for the rating band. The...
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