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Malaysian Rating Corporation Berhad (MARC)

Malaysian Rating Corporation Berhad (MARC) is one of Malaysia’s two domestic credit rating institutions. Established in 1996, the rating coverage extends to corporate finance, including financial institutions and insurance, structured finance, public finance, and infrastructure and project finance.

MARC provides public and private ratings on companies and their debt instruments, including bank loans, senior and subordinated debts, commercial papers and hybrid debt instruments. The ratings span over the securities of a wide range of corporate sectors, including energy, oil and gas; construction, building materials and real estate; commodities and industrials; and retail and consumers. MARC’s rating universe of infrastructure and project finance encompasses a variety of domestic projects and infrastructure assets in the toll roads, energy, water and port sectors.

MARC also rates sovereigns, financial institutions, state governments, investment managers and structured finance transactions, and publishes independent research on the domestic bond and sukuk markets, industry trends and economic issues of general interest to the investing public.

MARC is a Bank Negara Malaysia-accredited External Credit Assessment Institution (ECAI) and is registered with the Securities Commission Malaysia as a credit rating agency. A public limited company with a paid-up capital of RM20 million, the shareholders comprise of major insurance companies, stockbrokers and investment banks in Malaysia.

Area of Services

Ratings of Islamic Capital Market (ICM) Instruments and Sukuk (Sukuk)
- ICM and Sukuk Ratings are assigned to fixed-income instruments to address the likelihood of timely payment of obligations on the instruments. The Sukuk ratings are differentiated from the ICM Ratings to reflect the existence of underlying assets, in which sukukholders have ownership interests.

Rating of Non-Fixed Income Obligations
- MARC’s Islamic Investment Quality Ratings are assigned to non-fixed income ICM instruments with maturities of more than one year. It assesses the general investment quality of the instrument issued under the various Islamic financing contracts and is not intended to address the probability of timely payment.

Rating of Takaful Institutions (TI)
- Provides the market with a useful benchmark and promotes a high level of disclosure and transparency as well as an impetus to enhance the corporate governance of an institution offering takaful services.

Islamic Financial Institution (IFI) Governance Ratings
- IFI governance ratings are an assessment of how the IFI promotes sound governance transparency and accountability and institutional capacity-building for improved governance.

Training on Islamic Fund Management
- The programme aims to assist participants in understanding the types of Islamic fund management products, enables participants in identifying key risk areas for Islamic funds and also differentiating between Islamic and conventional funds.

Awards/Accolades/Achievements
Awards
  • Best Islamic Rating Agency - Global Islamic Finance Awards 2016 - 2018 by Edbiz Consultant
  • Best Islamic Rating Agency - Global Islamic Finance Awards 2017
  • Malaysia’s Project Finance Agency of the Year - The Asset Magazine (The Triple A Awards) 2016
  • Best Islamic Rating Agency - Global Islamic Finance Awards 2016

Selected MARC rated landmark deals
  • Rating for Fortune Premier's MYR3.0 billion Sukuk Murabahah, a special funding vehicle of IOI Properties Group Berhad
  • Rating for BEWG Malaysia, undertaken by a Chinese-owned subsidiary
  • Rating for Islamic Development Bank, undertaken by a Malaysian incorporated funding vehicle in Saudi Arabia
  • TNB Western Energy Berhad’s Islamic securities of RM1.625 billion for working capital and various project-related expenditure
  • Petronas Dagangan Berhad’s MYR2.0 billion Sukuk Murabahah Islamic Commercial Papers and Islamic Medium Term Notes Programme for capital expenditure, working capital and/or Shariah-compliant general corporate purposes
  • Projek Lebuhraya Usahasama Berhad’s (PLUS) MYR23.35 billion Sukuk Musharakah Programme for the purpose of part-funding the acquisition of the selected Malaysian tolled expressways concessions and the Penang Bridge concession as well as to fund a planned capital spending. Remains to-date the largest rated sukuk issuance by a single entity in the world
  • Aman Sukuk Berhad’s MYR10.0 billion Islamic Medium Term Notes Programme to finance the development of facilities and staff quarters for the Royal Malaysian Police via securitisation of future lease receivables from the Federal Government. The first of its kind to be successfully issued
  • TTM Sukuk Berhad’s MYR600 million Sukuk Murabahah to finance the development of a cross-border Trans Thailand-Malaysia gas pipeline and separation project undertaken jointly by two national oil companies, Petronas and PTT. This was conferred the following awards:
    - 2010 Cross Border Deal of the Year by Islamic Finance News
    - 2010 Asia Pacific Oil & Gas Deal of the Year by Project Finance Magazine
    - 2010 Best Islamic Finance Deal of the Year in South East Asia by Alpha Southeast Asia
  • Cagamas Berhad’s MYR5.0 billion Sukuk al-Amanah Lial-Istithmar, conferred the 2010 Islamic Deal of the Year award by Islamic Finance News
Contact details
Malaysian Rating Corporation Berhad (MARC)
19-07, Level 19
Q Sentral
2A Jalan Stesen Sentral 2
Kuala Lumpur Sentral
50470 Kuala Lumpur, Malaysia
E marc@marc.com.my / training@marc.com.my
W www.marc.com.my 


Ahmad Feizal Sulaiman Khan
T +603 2717 2911
E feizal@marc.com.my