MARC Ratings has withdrawn its insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad. This follows the completion of the legal process to transfer Danajamin's businesses and undertakings to Bank Pembangunan Malaysia Berhad effective March 1, 2023. Accordingly, bonds/sukuk rated by MARC Ratings that were guaranteed by Danajamin will carry Bank Pembangunan's rating of AAA.

Issuer	Issuance	Rating
Ranhill Powertron II Sdn Bhd	RM350.0 million in nominal value Guaranteed Islamic Medium-Term Notes	AAAIS(bg)
Berjaya Land Bhd	Medium-Term Notes Programme of up to RM500 million	AAA(bg)
Projek Lintasan Sg Besi  Ulu Kelang Sdn Bhd	Guaranteed Facilities of up to RM500.0 million	AAAIS(bg)
Malaysia Steel Works Bhd	Sukuk Ijarah Programme of up to RM130.0 million	AAAIS(bg)

MARC Ratings maintains a financial institution rating of AAA/Stable on Bank Pembangunan, reflecting primarily the bank's status as a wholly government-owned entity with a key role to support the government's developmental objectives for the country.  

Following the aforementioned transfer of obligations, MARC Ratings will no longer provide analytical coverage on Danajamin.

Contacts:
Farhan Darham, +603-2717 2945/ [email protected]
Haziq Najmuddin, +603-2717 2965/ [email protected] 
Mohd Izazee Ismail, +603-2717 2947/ [email protected] 

March 17, 2023

[This announcement is available on MARC's corporate website at www.marc.com.my]

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This communication is provided by Malaysian Rating Corporation Berhad and any of its subsidiaries or affiliates (''MARC'') based on the information, reasonably believed by MARC to be accurate and reliable to the greatest extent, derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified the source of such information and makes no representation as to the accuracy, completeness and timeliness of suchu