MARC has affirmed its AAAID rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable. The rating incorporates a three-notch rating uplift from MISC’s standalone rating based on MARC’s assessment of very strong parental support from Petroliam Nasional Berhad (PETRONAS) which carries a AAA/stable rating from the rating agency. The sup...

MARC has assigned a final rating of AAIS to Sime Darby Berhad’s (Sime Darby) RM3.0 billion Perpetual Subordinated Sukuk Programme (Perpetual Sukuk). The rating outlook is negative. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the Perpetual Sukuk have not changed in any material way from the draft documentation on which the earli...

MARC has affirmed its ratings of AA-IS and AIS on DRB-HICOM Berhad’s (DRB-HICOM) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.8 billion and Perpetual Sukuk Musharakah Programme (Perpetual Sukuk) of up to RM2.0 billion respectively. The ratings outlook has been revised to negative from stable. The outlook revision is mainly driven by the impact of the challenges in the domestic a...

MARC has affirmed its AAA(bg) rating on Boustead Holdings Berhad’s (Boustead) RM1.0 billion Bank-Guaranteed Medium-Term Notes (BG MTN) programme with a stable outlook. The rating reflects the credit strength of the syndicated bank guarantee facility provided by OCBC Bank (Malaysia) Berhad (OCBC Malaysia), Public Bank Berhad (Public Bank), Malayan Banking Berhad (Maybank) and The Bank of East As...

MARC has assigned a preliminary rating of AAIS to Sime Darby Berhad’s (Sime Darby) Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion, and has affirmed the ratings of MARC-1ID/AAAID on the existing RM4.5 billion Islamic Medium Term Note (IMTN) Programme and RM500.0 million Islamic Commercial Paper/Islamic Medium Term Note (ICP/IMTN) Programme with...

MARC has affirmed the ratings of AA-IS and AIS on Alpha Circle Sdn Bhd’s (Alpha Circle) RM540 million Senior Sukuk Musharakah (Senior Sukuk) and RM55 million Junior Sukuk Musharakah (Junior Sukuk) with a stable outlook. The two-notch rating differential between the Senior Sukuk and the Junior Sukuk reflects the latter’s subordinated ranking in priority of payment and security. The affirm...

MARC has affirmed its AAA(fg) rating on KMCOB Capital Berhad’s (KMCOB) guaranteed serial bonds of up to RM320 million with a stable outlook. The rating and outlook are premised on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin), which carries MARC’s insurer financial strength rating of AAA/stable. KMCOB is the funding vehicle of its...

MARC has affirmed its AAA(bg) and AAA(fg) ratings on Premier Merchandise Sdn Bhd’s (Premier Merchandise) RM300 million 7-year bank-guaranteed Medium-Term Notes (MTN) Programme (Tranche 1) and RM300 million 9-year Danajamin-guaranteed MTN Programme (Tranche 2) respectively. The outlook for the ratings is maintained at stable. The ratings are underpinned by the credit strength of the unconditiona...

MARC has maintained its AA-IS rating with a stable outlook on MMC Corporation Berhad’s (MMC) RM1.5 billion Sukuk Murabahah Programme following its assessment on the impact of the debt-funded acquisition of NCB Holdings Berhad (NCB) on the group. MARC’s rating action has taken into account MMC’s deleveraging plan over the near term to address the spike in group borrowings and leverage levels...

MARC has assigned a rating of AA-IS with a stable outlook to MMC Corporation Berhad’s (MMC) proposed notes issuance of up to RM1.5 billion under a Sukuk Murabahah Programme (Sukuk Murabahah). The bulk of the proceeds from the proposed programme will be largely utilised to refinance MMC’s existing borrowings at the holding company level. MMC is mainly an investment holding company whose k...