MARC Affirms AA-IS Rating on MMC Corporation’s MYR 2.5 Billion Sukuk Murabahah; Stable Outlook

Malaysian Rating Corporation (MARC) has affirmed its AA-IS rating on MMC Corporation’s (MMC) MYR 2.5 billion Sukuk Murabahah Programme with a Stable Outlook.

MMC is a publicly listed Malaysian investment holding company that engages in utilities, ports, and logistics, as well as engineering and construction services via its subsidiaries. According to MARC, the main drivers of the rating are MMC’s strong ability to generate earnings through the company engineering, ports, and logistics segments, as well as steady earnings from MMC’s energy and utilities segment. These strengths have enabled MMC to manage the uncertain economic environment caused by the COVID-19 pandemic.

MARC noted that the impact of the pandemic on MMC’s port segment was cush...