{
  "id": 7538453,
  "title": "MARC rates Mah Sing's RM2bil Islamic debts at AA-IS",
  "url": "https://urgent.news/2026/09/15/marc-rates-mah-sings-rm2bil-islamic-debts-at-aa-is",
  "topic": "world",
  "section": "World",
  "published": "2026-09-15T11:04:21.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/09/1533477/marc-rates-mah-sings-rm2bil-islamic-debts-aa"
  },
  "original_language": "en",
  "account": "KUALA LUMPUR: MARC Ratings has given Mah Sing Group Bhd 's Islamic Medium-Term Notes (IMTN) Programme, a maximum potential value of RM2 billion, a rating of AA-IS with a stable outlook. Previously, the sukuk had no rating. At the end of August 2026, RM1.15 billion was outstanding under the programme. The rating acknowledges Mah Sing's reputation as an integrated property developer, ongoing property sales and development progress, robust liquidity position, and moderate debt levels. However, the rating is tempered by the property development sector's cyclical nature, land acquisition costs, and the company's moderate competitiveness in plastics and glove manufacturing. MARC Ratings observed that cash flow generation will remain tied to the property development cycle, citing a first-half 2026 net interest coverage of 1.27 times due to heightened borrowing and nascent projects. The group's free cash flow remained negative at RM470.8 million in the same period as it continued acquiring land for future development. MARC Ratings predicts that cash flow generation for Mah Sing should improve in the near term as ongoing projects convert to progress billings and collections, and recent operating performance has been bolstered by steady demand for affordable homes, comprising a large portion of the company's current project portfolio. In the first half of 2026, Mah Sing recorded property sales of RM1.32 billion, while unbilled sales stood at RM3.57 billion as of June 30, 2026, from ongoing projects, indicating earnings visibility over the next three to four years.",
  "summary": "KUALA LUMPUR: MARC Ratings has assigned a rating of AA-IS to Mah Sing Group Bhd's Islamic Medium-Term Notes (IMTN) Programme (Sukuk Murabahah Programme) of up to RM2 billion in nominal value with a stable outlook.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}