Credit Analysis Reports - Category: Infrastructure & Utilities
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MARC has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green SRI Sukuk. The rating outlook has been revised to negative from stable. The negative outlook reflects primarily the heightened termination risk of two of the three solar power purchase agreements (SPPA) following delays in achieving commercial operation dates (COD) of QSP...


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MARC has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s (SAJ Capital) Sukuk Murabahah of up to RM650.0 million for up to 12 years. The outlook on the rating is stable. The rating on SAJ Capital is equated with that of its sister company Ranhill SAJ Sdn Bhd (SAJ) on the basis that the former functions as a single-purpose funding conduit for the sukuk. SAJ Capital and SAJ are held by Ran...


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MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM190.0 million outstanding Islamic Medium-Term Notes (IMTN) and RM350.0 million outstanding guaranteed IMTN at AAIS and AAAIS(fg). The outlook on the ratings is stable. The rating on the guaranteed IMTN reflects the unconditional and irrevocable Kafalah guarantee provided by financial guarantee insurer Danajamin Nasion...


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MARC has affirmed its rating of AA+IS 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) which owns and operates Kapar Power Station (KPS), the largest domestic multi-fuel thermal power station. KPS has four generating facilities (GF) with a combined nominal capacity of 2,420 megawatts (MW). ...


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MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) outstanding Islamic securities (sukuk) of RM1.535 billion with a stable outlook. The rating and outlook are equalised with those of TNB Northern Energy’s ultimate parent, Tenaga Nasional Berhad (TNB) on which MARC currently has a senior unsecured rating of AAA/Stable. The rating equalisation is based on fina...


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MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. KPSB is the owner of the 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay, Sabah. The rating affirmation is underpinned by the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with offtaker Sabah Electricity Sdn Bhd (SES...


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MARC has affirmed its ratings of MARC-1IS and AAAIS on Gas Malaysia Berhad’s Islamic Commercial Papers (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700 million. The ratings outlook is stable. The affirmed ratings are mainly driven by Gas Malaysia’s dominant market position in gas distributorship in Peninsular Malaysia, a strong financial...


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MARC has placed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) sukuk rating on MARCWatch Developing. The MARCWatch placement follows the increased near-term uncertainty pending full clarity on the new government’s exact plans to deliver pre-election commitments on the scrapping of toll road charges. MARC will seek to resolve the MARCWatch Developing status once there is more clarity regarding the...


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Senai-Desaru Expressway Berhad’s (SDEB) sukuk rating has been on MARCWatch Developing since May 30, 2018. The placement follows the increased near-term uncertainty pending full clarity on the new government’s exact plans to deliver on its pre-election commitment of scrapping toll road charges. MARC will seek to resolve the MARCWatch Developing status once there is more clarity on the abolitio...


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MEX II Sdn Bhd’s sukuk ratings have been on MARCWatch Developing since May 30, 2018. The placement follows the increased near-term uncertainty pending full clarity on the new administration’s exact plans to deliver pre-election commitments on the scrapping of toll road charges. MARC will seek to resolve the MARCWatch Developing status once there is more clarity regarding the abolition of toll...


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