Credit Analysis Reports
Displaying 1-10 of 2009 results.
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MARC has affirmed its rating of MARC-2IS on Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme. The outstanding notes under the programme stood at RM70.0 million as at end-July 2020.The rating incorporates Titijaya’s track record in developing projects in and around mature housing areas to mitigate demand risk, and its moderate leverage and liquidity posi...


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Global Markets     Yields on govvies from developed nations continued to fall in September amid a spike in COVID-19 infections, US election uncertainty and prolonged periods of low interest rates. Demand was also driven by: 1) the Fed’s pledge to maintain its FFR target range at 0.0% to 0.25%; 2) negative inflation in the euro zone; and 3) the BOE’s interest to explore negative ...


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MARC has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. PPSB operates Penang Port under a long-term concession agreement expiring on December 31, 2041. The affirmed rating factors in our view that Penang Port would be able to weather the challenging trade environment stemming from the im...


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MARC has assigned a preliminary rating of AA-IS to Sparks Energy 1 Sdn Bhd’s (Sparks Energy 1) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Murabahah of up to RM220.0 million. The rating outlook is stable.Sparks Energy 1 is a special purpose vehicle incorporated to raise funding to develop a 30MWac solar power plant (SPP) in Kuala Muda, Kedah and another in Machang, Ke...


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MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. MHB’s strong competitive advantage as the largest domestic offshore fabricator, its conservative balance sheet and strong liquidity position are key rating drivers. The rating also incorporates a one-notch uplift based on the MH...


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MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co. Ltd. (IGI). The rating is based on Malaysia’s national scale. The affirmed rating is mainly driven by IGI’s well-diversified underwriting portfolio across business lines and geographies and a strong capitalisation level to support growth. These strength...


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MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) RM120.0 million Fixed Rate Serial Bonds. The rating outlook remains negative. The rating outlook was revised to negative last year over its reduced cash buffer due to a higher tax liability arising from underpayments in prior years totalling RM3.2 million. CISB is required to settle the tax arrears in four annual instal...


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MARC has assigned a preliminary rating of A+IS to Sunsuria Berhad’s proposed RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. Sunsuria is a mid-size property developer whose main development is the 375-acre Sunsuria City township in Salak Tinggi, Selangor. Sunsuria remains focused on property development projects within the Klang Valley over the near term.The assigned ...


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MARC has maintained its rating of CIS on Talam Transform Berhad’s (Talam) outstanding RM40.0 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDs) as at June 5, 2020. Under the restructuring exercise undertaken by Talam in March 2019, the maturity date of the Settlement BaIDs was extended by 18 months to December 28, 2020 from June 28, 2019.The rating considers Talam's weak...


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MARC has assigned a preliminary rating of AA-IS with a stable outlook to Guan Chong Berhad’s (GCB) proposed Sukuk Wakalah Programme of up to RM800.0 million. The proposed rating incorporates GCB’s strong market position in the midstream cocoa industry, established operational track record and healthy debt coverage metrics. The rating is constrained by the group’s inherent exposure to fluctua...


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