Credit Analysis Reports - Category: Infrastructure & Utilities
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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 vehicle of TNB Manjung Five Sdn Bhd (TNB Manjung Five) to undertake the construction of a 1,000MW ultra-supercritical coal-fired power plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional...


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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 revised to negative from stable. The outlook revision to negative mainly reflects MHB’s small outstanding order book and the increasing challenges the company faces over the intermediate term to improve its order book replenishment gi...


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MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.40 billion Sukuk Murabahah with a stable outlook. The rating affects the outstanding sukuk of RM4.44 billion. Wholly-owned by Malakoff Corporation Berhad (Malakoff), MPower is the operations and maintenance (O&M) service provider of its parent’s domestic power generation facilities. The rating reflects the co...


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MARC has affirmed its AAAID rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The affirmed rating reflects GDC Putrajaya’s position as the sole supplier of chilled water in Putrajaya under long-term offtake agreements that provide demand charges regardless of offtake volumes. The ma...


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MARC has affirmed its ratings of MARC-1IS and AA-IS on concessionaire Northport (Malaysia) Bhd’s (NMB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme respectively (collectively known as Sukuk Musharakah Programmes). The outlook on the ratings is stable. The affirmed ratings incorporate NMB’s operating track record stemming from its location on a ...


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MARC has affirmed its AAAIS/MARC-1IS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers and Islamic Medium-Term Notes Programme (Sukuk Programme) of up to RM2.0 billion. The outlook on the rating is stable. The affirmed ratings of PDB are equalised to the ratings of its parent Petroliam Nasional Berhad (PETRONAS) on which MARC maintains public information ratings of AAA/MARC-...


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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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