Credit Analysis Reports - Category: Infrastructure & Utilities
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MARC has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. PPSB operates Penang Port under a long-term concession agreement expiring on December 31, 2041. The affirmed rating factors in our view that Penang Port would be able to weather the challenging trade environment stemming from the im...


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MARC has assigned a preliminary rating of AA-IS to Sparks Energy 1 Sdn Bhd’s (Sparks Energy 1) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Murabahah of up to RM220.0 million. The rating outlook is stable.Sparks Energy 1 is a special purpose vehicle incorporated to raise funding to develop a 30MWac solar power plant (SPP) in Kuala Muda, Kedah and another in Machang, Ke...


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MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. MHB’s strong competitive advantage as the largest domestic offshore fabricator, its conservative balance sheet and strong liquidity position are key rating drivers. The rating also incorporates a one-notch uplift based on the MH...


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MARC has affirmed its AA-IS and A- ratings 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 with regard to security ranking and payment pr...


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


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MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern) outstanding Islamic securities (sukuk) of RM1.415 billion. The rating carries a stable outlook.TNB Northern is a funding vehicle of TNB Prai Sdn Bhd (TNB Prai) which was established to design, construct, own, operate and maintain the 1,071.43-MW combined-cycle gas turbine (CCGT) power plant in Seberang Perai Tengah, ...


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MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM240.0 million. The rating outlook is stable. The rating is mainly driven by UiTM Solar’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under which the demand risk is largely eliminated as the national power company wil...


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MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook.BEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In 2015, it was awarded by the Terengganu state government a design-and-build contract to refurbish and upgrade water treatment ...


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MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) sukuk of up to RM4.0 billion with a stable outlook. It has an outstanding sukuk of RM3.6 billion as of end-June 2020.TNB Western is the funding vehicle of TNB Manjung Five Sdn Bhd which was established to design, construct, own, operate and maintain a 1,000MW ultra-supercritical coal-fired power plant in Manjung, Per...


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MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme (Sukuk Wakalah) of up to RM2.0 billion. The rating outlook has been revised to stable from negative. The previous negative outlook reflected a potential construction delay then in relation to the company’s Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) project and th...


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