Credit Analysis Reports - Category: Infrastructure & Utilities
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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...


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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...


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MARC has affirmed its A+IS rating on toll concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). Concurrently, the rating outlook has been revised to developing. SPRINT is the toll concessionaire of the 26.5-km interlinked SPRINT highways comprising Damansara Link, Kerinchi Link and Penchala Link in Kuala Lumpur. The dev...


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MARC has affirmed its rating of AA-IS on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The affirmed rating incorporates a one-notch rating uplift based on MHB’s status as a member of the Petroliam Nasional Berhad (PETRONAS) group of companies. PETRONAS carries a AAA/stable rating from MARC. MHB’s standalone ...


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MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk). Concurrently, the rating outlook has been revised to stable from negative. PLUS is the toll concessionaire of five major highways in Malaysia, of which the 772-km North-South Expressway (NSE) is its key highway in terms of revenue generation. The outlook revi...


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MARC has affirmed its rating of AA-IS on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook. JEP was established to develop, design, construct and operate a 2x1,000-megawatt (MW) ultra-supercritical coal-fired power plant in Jimah, Negeri Sembilan under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB). The affirmed ra...


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MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s RM420.0 million sukuk. Concurrently, the rating outlook has been revised to stable from negative. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway. The rating affirmation incorporates Cheras-Kajang Highway’s steady traffic performance that remains suppo...


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MARC has affirmed its ratings of AA-IS and A- on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk in regard to security ranking and payment ...


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MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion. The outlook on the ratings is stable. The ratings affirmation reflects PDB’s strong financial metrics, characterised by its sound liquidity and strong leverage position. PDB’s ratings also incorporate hi...


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MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s Sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding vehicle of parent TNB Manjung Five Sdn Bhd, a wholly-owned subsidiary of TNB. The rating and outlook are equalised with Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable on the basis of the rolling guarantee and c...


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