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MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme. The MARCWatch extension continues to reflect the pending outcome of the ongoing negotiations on toll restructuring between the toll concessionaire and the government. Negotiations between the parties have dragged on for longer than expected. MARC, ne...
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MARC has affirmed its AA- rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes facility (MTN facility). The rating outlook, however, has been revised to negative from stable. The current outstanding under the rated facility is RM365 million.The outlook revision reflects MARC’s concern that the sharp decline in passenger traffic volume at Kuala Lumpur International Airp...
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MARC has assigned a preliminary rating of AA+IS with a stable outlook to Sime Darby Property Berhad’s (SD Property) Islamic Medium-Term Notes programme of up to RM4.5 billion under the Shariah principle of Musharakah (Sukuk Musharakah). The 30-year Sukuk Musharakah programme expiring in 2039 had been novated to SD Property from Sime Darby Berhad as part of the restructuring exercise undertaken i...
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MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding of RM50.0 million BaIDS is payable in December 2022.The rating incorporates a three-notch uplift for parental support from Putrajaya Holdings Berhad (PJH), which carries a AAA/stable...
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MARC has affirmed its financial institution (FI) rating of AAA on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). The rating outlook is stable.The affirmed FI rating is premised on SME Bank’s status as a wholly government-owned development financial institution (DFI) with a mandate to develop small and medium enterprise (SME) in the country. Held through the M...
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MARC has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA with a stable outlook. Concurrently, the rating agency has affirmed its AAIS/Stable rating on SD Plantation’s Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion.SD Plantation’s sizeable, geographically-diversified and integrated palm oil operations remain key rati...
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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 position...
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