Credit Analysis Reports - Category: Infrastructure & Utilities
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MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. The rating is driven by Westports’ solid financial metrics as reflected by its stable operating margins and strong finance service coverage on the back of commendable operational performance. The rating also benefits from Westport’s strong comp...


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MARC has affirmed the AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) Sukuk Murabahah issuance of RM210 million. The outlook on the rating is stable. Grand Sepadu is indirectly equally owned by Taliworks Corporation Berhad (Taliworks) and the Employees Provident Fund (EPF) with a 37.5% stake each. The affirmation reflects Grand Sepadu’s adequate cash flow coverage, underpinned...


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MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS is the toll concessionaire of five major highways in Malaysia, of which the 772-kilometre (km) North-South Expressway (NSE) is its key highway in terms of revenue generation. The rating affirmation continues to incorporate a two-notch...


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


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MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concessionaire of the 11.5-kilometre Cheras-Kajang highway that serves as a key commuting link for mature catchment areas along the highway. The affirmed rating primarily reflects Cerah...


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MARC has affirmed its A+IS and AA-(bg) ratings on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and Bank-Guaranteed Serial Fixed Rate Bonds (BG bonds) respectively. The outlook on the BaIDS has been revised to negative from stable, while the outlook on the BG bonds remains at stable in line with the outlook of the guarantor banks. T...


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MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. The outstanding sukuk amounts to RM500 million. TTM SPV is a funding vehicle for the second phase of the Trans Thailand-Malaysia project (TTM Project Phase II), consisting of two gas pipelines between the Malaysia-Thailand Joint Development Area (JDA) and the industrial...


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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. The outlook is maintained at negative. The continued negative outlook reflects MHB’s weakening profitability metrics due to higher impairment charges and lower contribution from its key heavy engineering unit (HEU) arising from reduced contract flow...


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MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook. The outstanding sukuk amount is RM4.34 billion. MPower is the operations and maintenance (O&M) operator of the power plants owned by its parent company Malakoff Corporation Berhad (Malakoff). Apart from the O&M revenue, MPower receives interest income and principal...


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MARC has affirmed the rating of AAAIS on TNB Western Energy Berhad’s (TNB Western Energy) Islamic Sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding conduit of TNB Manjung Five Sdn Bhd (TNB Manjung Five), the project company for the construction of the 1,000-megawatt (MW) ultra-supercritical (USC) coal-fired power plant under a 25-year power purchase agre...


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