MARC has assigned ratings of AAAIS and AA+IS to Danajamin Nasional’s Senior and Subordinated Sukuk Murabahah respectively of up to RM2bn under a proposed Sukuk programme. Concurrently, MARC has affirmed its insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin. The ratings carry a stable outlook.
The ratings are driven by Danajamin’s status as a government-owned financial guarantee insurer with the key role of facilitating market accessibility to ringgit-denominated bond and Sukuk issuers. Danajamin’s stringent risk controls, conservative investment policy and strong liquidity position support the ratings. The one-notch rating differential between the Senior and Subordinated Sukuk Murabahah reflects the subordination of the latter to the senior obligations of Danajamin.