MARC Assigns AAIS/AA Ratings to OSK Holdings Unit’s Proposed MYR 2 Billion Sukuk/MCMTN

Malaysian Rating Corporation (MARC) has assigned preliminary ratings of AAIS/AA with a Stable Outlook to the proposed MYR 2.0 billion Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) of OSK Holdings’ (OSK) special purpose vehicle OSK Rated Bond (OSKRB). The ratings apply to MYR-denominated Sukuk/notes issued under the Sukuk/MCMTN Programme.

OSK is a Malaysian investment holding company with subsidiaries engaged in property development and capital financing. In addition, OSK has a 10.13% stake in RHB Bank. OSKRB was established to undertake the Sukuk/MCMTN Programme on behalf of OSK, proceeds of which will be lent to the group. According to MARC, the initial issuance of the Sukuk/MCMTN Progr...