MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power is a 51:49 joint venture between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd (SIPP) and was established to develop a 2x720MW combined cycle gas-fired power plant in Pasir Gudang. The rating affirmation reflects t...

MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM245.0 million. The rating outlook is stable. Sinar Kamiri is a special purpose project company incorporated to build, own and operate a 49.0MWac solar photovoltaic plant (SPP) in Sungai Siput, Perak. The rating primarily reflects Sinar Kamiri’s healthy ...

MARC has affirmed its AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) Sukuk Murabahah issuance of RM210.0 million. The rating outlook remains negative. The affirmed rating incorporates Grand Sepadu’s adequate cash flow coverage, its moderately leveraged capital structure and the improving traffic on New North Klang Straits Bypass (NNKSB). The negative outlook highlights the co...

MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor which links the towns of Senai and Desaru with a connecting highway to Pasir Gudang. The rating incorporates SDEB’s ac...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah with a stable outlook. KEV is a 60.0%-owned subsidiary of Tenaga Nasional Berhad (TNB) (AAA/Stable). KEV owns and operates Kapar Power Station which has four generating facilities with a combined nominal capacity of 2,420MW. The power plant has continued to face operational challenges du...

MARC has assigned a rating of AA-IS to Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The assigned rating reflects the credit strength of the Terengganu government to meet the unconditional and irrevocable payment obligations on the Facility Payment Certificates (FPC) issued for work done for the Kuala Terengganu Utara (KTU) water supply project. M...

MARC has affirmed its ratings of AA-IS and A- on toll concessionaire MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds). The three-notch rating differential between the Sukuk Murabahah and Junior Bonds reflects the latter’s subordinated pos...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musharakah Programme with a stable outlook. Westports’ outstanding amount under the sukuk programme stood at RM1.5 billion as at June 25, 2019. Westports’ strong position as a key port operator in the region, its consistently high and stable profit margin as well as strong financial servi...

MARC has affirmed its corporate credit rating on Tenaga Nasional Berhad (TNB) at AAA and its sukuk rating on TNB’s RM2.0 billion Al-Bai’ Bithaman Ajil Bonds at AAAIS. The ratings outlook is stable. TNB’s ratings benefit from a two-notch uplift to reflect MARC's assessment of a high likelihood of government support premised on TNB’s standalone corporate credit rating of AA/Stable. The supp...

MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Berhad’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The outlook on the ratings is stable. The rated programmes have a combined limit of RM1.5 billion and the outstanding under the programmes was RM450 million as at end-January 2019. Northport is a port operato...