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MARC Ratings has affirmed its AA+IS rating on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes Programme (Sukuk Musharakah) and its AA-IS rating on the RM2.0 billion Perpetual Sukuk Programme. The outlook for all ratings is stable. UMW’s longstanding leading position in the domestic automotive market, significant automotive sales in recent years that have ...
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MARC Ratings has withdrawn its rating of MARC-2IS on Bina Darulaman Berhad’s RM100.0 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the expiry of the programme as confirmed by the facility agent on June 25, 2024.Accordingly, MARC Ratings will no longer provide analytical coverage on the issuer.Contacts:Farhan Darham, +603-2717 2945/ farhan@marc.com.my Yazmi...
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MARC Ratings has withdrawn its MARC-1IS rating on UEM Edgenta Berhad’s sub-limit RM300.0 million Islamic Commercial Papers (ICP) Programme under its RM1.0 billion Sukuk Murabahah Programme. The rating withdrawal follows the expiry of the ICP Programme as confirmed by the facility agent on April 30, 2024. Our analytical coverage on UEM Edgenta is now limited to its Islamic Medium-Term N...
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MARC Ratings has removed UMW Holdings Berhad’s (UMW) sukuk programme ratings from MARCWatch Developing, where they have been placed since August 25, 2023. The rating action then was taken to assess the potential impact from the significant change in UMW’s shareholding structure following the sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake to Sime Darby Enterprise Sdn Bhd (SDES...
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MARC Ratings has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under its Sukuk Murabahah Programme of up to RM1.0 billion. Concurrently, the rating outlook has been revised to positive from stable. The outstanding sukuk currently stands at RM250.0 million.The rating affirmation incorporates UEM Edgenta’s wel...
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MARC Ratings highlights that Alpha Circle Sdn Bhd’s Senior Sukuk Musharakah programme of RM595.0 million and Junior Sukuk Musharakah programme of RM55.0 million have expired on November 19, 2023. Both programmes are rated at CIS. Following the expiry of the programmes, MARC Ratings will no longer provide surveillance on the ratings.Contacts:Cyndy Goh, +603-2717 2941/ cyndy@marc.com.my &nbs...
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MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. The rating affirmation considers STM Lottery’s entrenched domestic market presence as a number forecast operator (NFO), well-established operating track record and strong cash flow generation relative to its debt obligations. Operating in th...
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MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. The key rating drivers for the affirmation are MMC’s competitive strength and longstanding track record in key sectors of the economy, namely ports and logistics, engineering as well as energy and utilities. The rating is moderated by the susceptib...
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MARC Ratings has extended its MARCWatch Developing on UMW Holdings Berhad’s (UMW) sukuk programmes, where the ratings have been placed since August 25, 2023. The rating action was based on the then proposed changes to UMW’s shareholding structure. This relates to the proposed sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake in UMW to Sime Darby Enterprise Sdn Bhd (SDESB), a who...
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MARC Ratings has affirmed its rating of AA-IS with a stable outlook on MY E.G. Services Berhad’s (MYEG) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion in nominal value. The current outstanding under the programme stands at RM575 million.The rating affirmation incorporates MYEG’s well-established position as a concessionaire for e-government services, and the growth of its co...
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