MARC has affirmed its short-term and long-term Islamic debt ratings of MARC-1ID/AAAID on UMW Holdings Berhad (UMW) with a stable outlook. The rating actions affect MYR 800 million of outstanding notes issued under the investment holding company’s MYR 300 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme and RM500 million IMTN Programme.
The affirmed ratings and outlook reflect the sustained performance of UMW’s automotive business segment supported by leading market shares of 51 per cent-owned UMW Toyota Motor and 38 per cent-owned Perusahaan Otomobil Kedua in the domestic non-national and national passenger car segments……………………………………..Full Article: Source