MARC Assigns Final Rating of AA-IS to Malaysian Resources’ MYR 5.0 Billion Sukuk

Malaysian Rating Corporation (MARC) has assigned a final rating of AA-IS with a Stable Outlook for the proposed medium-term MYR 5.0 billion Sukuk Murabahah program of Malaysian Resources Corporation (MRC).

With no change from its preliminary rating, the final rating was based on MRC’s established track record in the property development market, specifically pertaining to transit-oriented developments, which has benefitted from robust support extended by key shareholder Employees Provident Fund. The rating is also supported by MRC’s pre-let and pre-sell business model, which has lowered market risk, as well as MRC’s healthy financial position with sizeable ongoing projects and moderate leverage position...