MNRB Holdings’ Sukuk Ratings Reaffirmed; Medium-Term Notes Upgraded

KUALA LUMPUR, April 6 (Bernama) -- MNRB Holdings Bhd has had the AA3 and A1 ratings on its RM420 million senior sukuk and subordinated sukuk, respectively, reaffirmed by RAM Rating Services Bhd.

RAM also reaffirmed the ratings of AA2/P1 and AA3 for the insurer financial strength ratings and the RM250 million subordinated medium-term note programme, respectively, for MNRB’s unit, Malaysian Reinsurance Bhd (Malaysian Re).

In a statement today, MNRB said that for its RM800 million senior and subordinated medium-term notes programme, RAM has also reaffirmed the ratings of AA2 and AA3, respectively, and upgraded the outlook on these credit ratings from “stable” to “positive”.

“The rating action considers Malaysian Re’s solid underwriting performance, strong market position in the domestic general reinsurance space, proactive risk management and adequate capitalisation of MNRB’s key operating subsidiaries.

“MNRB’s ratings also incorporate healthy reserves coverage, which supports the entity’s near- to medium-term growth plans,” it said.

MNRB is an investment holding company, listed on the Main Market of Bursa Malaysia Securities Bhd, while Malaysian Re is Malaysia’s leading reinsurance company.

The MNRB Group’s main operating companies comprise Malaysian Re and two takaful operators, namely Takaful Ikhlas Family Bhd and Takaful Ikhlas General Bhd. 

-- BERNAMA