Rating actionMARC has upgraded Top Glove Corporation Berhad’s (Top Glove) corporate credit rating to AA+ from AA and concurrently affirmed its rating of AA-IS(CG) on special purpose vehicle TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme. The ratings outlook is stable. TG Excellence is a wholly-owned special purpose subsidiary of Top Glove.RationaleAs Top Glove provided ...

MARC has assigned its final ratings of AAIS /AA to special-purpose vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) proposed Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The assigned ratings apply to ringgit-denominated sukuk/notes issued under the programme. Wholly owned by OSK Holdings Berhad ...

MARC has assigned a final rating of  to AAIS Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) proposed RM500.0 million Sukuk Wakalah Programme with a stable outlook. Evyap Malaysia is a subsidiary of Turkey-based Evyap Group, a longstanding and a well-established personal care product manufacturer with a strong market presence in Turkey and Eastern Europe. It owns an...

MARC has assigned a rating of AAAIS to Pengerang LNG (Two) Sdn Bhd’s (PLNG2) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. The rating outlook is stable.PLNG2 owns a regasification terminal, Regasification Terminal Pengerang (RGTP), through which natural gas is supplied to the USD27.0 billion Pengerang Integrated Complex (PIC), Petroliam Nasional Berhad (PETRONAS)’...

MARC has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook reflect the credit strength of Danajamin Nasional Berhad (Danajamin) which has provided unconditional and irrevocable financial guarantee insurance on the programme. MARC maintains an insurer financial strength rating of...

MARC has assigned a final rating of AA-IS to Malaysian Resources Corporation Berhad’s (MRCB) proposed Islamic Medium-Term Notes Programme of up to RM5.0 billion (Sukuk Murabahah) with a stable outlook.The assigned rating incorporates MRCB’s established market position in property development, particularly in transit-oriented developments (TOD), that has benefitted from the support extended by ...

MARC has assigned ratings of AAAIS / MARC-1IS to Gas Malaysia Distribution Sdn Bhd’s (GMD) proposed Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion (both referred to as sukuk programmes). The ratings outlook is stable.GMD is a wholly-owned subsidiary of Gas Malaysia Berhad and was established as part of a ...

MARC has assigned a final rating of AA-IS to TG Excellence Berhad’s proposed RM3.0 billion Perpetual Sukuk Wakalah Programme. TG Excellence Berhad is a special purpose wholly-owned subsidiary of Top Glove Corporation Bhd (Top Glove) to which MARC has concurrently assigned a corporate credit rating of AA. The ratings carry a stable outlook.Top Glove will provide a subordinated unconditional and i...

MARC has affirmed its MARC-1IS /AA-IS ratings on Serba Dinamik Holdings Berhad’s (Serba Dinamik) RM500 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a combined limit of RM1.5 billion. The outlook on the ratings is stable. The stable outlook assumes that over the next quarter, the group will reduce its l...

MARC has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC has an insurer financial strength rating of AAA/stable and long-term counterpa...