Global Markets     In December, the UST yield curve steepened with yields from the belly until the long-end rising amid the strong run in riskier markets. The stronger risk appetite was fuelled by the gradual distribution of vaccines across the US and the passing of the USD900 billion COVID-19 aid bill. Meanwhile, short-end yields were anchored by the Fed’s commitment to asset pur...

MARC has assigned preliminary ratings of MARC-1IS / AAIS to Cellco Capital Bhd’s (Cellco) proposed RM520 million issuance (Issue 1) Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Cellco is a special-purpose entity set up to raise funds via the Sukuk Ijarah Programme for Stealth Solutio...

MARC has assigned preliminary ratings of MARC-1IS and A+IS  to George Kent (Malaysia) Berhad’s (George Kent) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium Term Notes (IMTN) Programme  subject to a combined limit of RM500.0 million. The ratings outlook is stable.The assigned ratings reflect George Kent’s conservative capital stru...

MARC has affirmed its MARC-1IS /AA-IS ratings on UEM Sunrise Berhad’s two Islamic Commercial Papers and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2) with a stable outlook. Each of the ICP/IMTN programmes has a limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. The affirmed rating is driven by UEM Sunrise’s healthy track record as a property...

MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The ratings outlook is stable. The affirmed ratings reflect the unconditional and irrevocable guarantees provided by D...

MARC has affirmed its AA-IS  rating on Cerah Sama Sdn Bhd’s RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway.The rating affirmation is premised on the company’s (1) resilient cash flows and stable revenue base (underpinned by steady traffic performance on the mature Cher...

MARC has affirmed its AAIS rating on ANIH Berhad's RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032.The affirmed rating reflects ANIH’s healthy cash flow generation and adequate debt coverage, underpinned by stable traffic performance of KL-Karak and EC...

MARC has affirmed the investment manager rating of IMR-2 on Kenanga Islamic Investors Berhad (KIIB). The rating reflects KIIB’s established investment management process, underpinned by a prudent risk management framework that is sufficient for its relatively small-sized asset management business. KIIB is a wholly-owned subsidiary of Kenanga Investors Berhad (KIB), the fund management arm o...

MARC has affirmed its investment manager rating of IMR-2 on Kenanga Investors Berhad (KIB). The rating is premised on KIB’s well-established investment management processes, strong risk management practices and operating track record. These factors are moderated by its relatively small asset size and moderate financial profile.KIB is a wholly-owned fund management subsidiary of Kenanga Investmen...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating at AAA and the sukuk rating on TNB’s outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Islamic Financing Bonds (sukuk) at AAAIS with a stable outlook.The affirmed ratings incorporate a two-notch rating uplift based on MARC's assessment of a high likelihood of government support given its critical role as the country’s principal e...