Credit Analysis Reports - Category: Infrastructure & Utilities
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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. TTM SPV is the funding vehicle of its parent Trans Thai-Malaysia (Thailand) Ltd (TTMT) for Phase II of the Trans Thailand-Malaysia (TTM) project (TTM Phase II). TTMT is an equal joint-venture company of Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (P...


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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) respectively. The outlook on both ratings is stable. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinate position to the...


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MARC has affirmed the ratings of MARC-1(fg) /AAA(fg) on Riverson Corporation Sdn Bhd’s (Riverson) RM200.0 million CP/MTN facility with a stable outlook. The outstanding amount under the rated programme currently stands at RM100.0 million. The affirmed ratings and outlook are based on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which c...


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MARC has assigned a rating of AA-IS to Jimah East Power Sdn Bhd’s (JEP) proposed Sukuk Murabahah of up to RM10.0 billion. The outlook on the rating is stable. The proceeds from the proposed Sukuk Murabahah will be used to develop, design and construct a 2x1,000-megawatt ultra-supercritical coal-fired power plant in Negeri Sembilan. National utility company Tenaga Nasional Berhad (TNB), th...


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MARC has downgraded the rating of Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes to AIS from A+IS. Concurrently, the outlook is revised to stable from negative. The rating action affects RM115 million of outstanding sukuk issued under the rated programme. The rating downgrade was driven mainly by Alam Maritim’s weakened business risk profile ari...


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MARC has affirmed its AAAIS(fg) rating on investment holding company Senari Synergy Sdn Bhd’s (Senari Synergy) RM380 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook are underpinned by the unconditional and irrevocable guarantee on the IMTN obligations provided by Danajamin Nasional Berhad (Danajamin) which carries a financial insurer rat...


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MARC has affirmed its AAAID(S) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating action affects the outstanding BaIDS of RM30.0 million. The rating is aligned to MARC’s public assessment on the Sarawak State Government (SSG) on the basis of KPA’s status as a state-owned statutory body and state ...


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MARC has affirmed its AAIS rating on toll road concessionaire ANIH Berhad's (ANIH) RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. The rating is premised on ANIH’s overall stable traffic performance from a portfolio of matured toll road concessions from which cash flow generation remains sufficient to meet its financial obligations. The rating is also supported by the sub...


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MARC has lowered the rating of Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme to AA+IS from AAAIS. The outlook is revised to stable from negative. CNSB provides network telco services to Celcom Axiata Berhad (Celcom) through network telco assets that it acquired from the parent in an earlier internal reorganisation. Given the financial and operational links between bot...


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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. The affirmed rating incorporates the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with the offtaker Sabah Electricity Sdn Bhd (SESB). The PPA transfers demand risk and fuel price risk to SESB, an 83%-owned subsidiary of Tenaga Nasional Berhad...


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