Rating Announcements

MARC Ratings has assigned a preliminary AA-IS rating to Sungai Udang WTE Sdn Bhd’s (SUWTE) proposed RM700.0 million ASEAN Green SRI Sukuk Wakalah Programme, with a stable outlook. SUWTE is a special purpose vehicle established to develop and operate a 22.1MW waste-to-energy (WTE) facility in Sungai Udang, Melaka, under a 34-year concession agreement (CA) with […]

MARC Ratings has assigned a preliminary AA+IS rating, with a stable outlook, to TI TNB Genco Solar Kenyir 1 Sdn Bhd’s (TTSK1) proposed ASEAN Sustainability Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM2.0 billion. TTSK1 is a special-purpose vehicle established to develop, own and operate a 595MWac floating solar facility with a

MARC Ratings has assigned a rating of AA-IS to TDM Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme of RM1.5 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar, with a stable outlook. The assigned rating incorporates a one-notch rating uplift based on MARC Ratings’ assessment of implicit support from the Terengganu

MARC Ratings has downgraded its rating on Zetrix AI Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion to CIS from BB+IS and maintains the rating on MARCWatch Negative. The rating falls within the lowest category above default, indicating a high likelihood of non-repayment, with Zetrix AI having limited capacity to address the

MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The outlook on the long-term rating is stable. There are currently no outstanding issuances under the programmes. The rating affirmation reflects PDB’s established position as a leading retailer and marketer of petroleum products

MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. TNB’s strong credit profile reflects its monopoly over electricity transmission in Peninsular Malaysia and Sabah, its leading position in power generation and distribution, and the supportive Incentive-Based Regulation framework, which facilitates fuel cost recovery and provides regulated returns

MARC Ratings has assigned preliminary MARC-1IS and AAAIS ratings to Malaysia Aviation Group Berhad’s (MAGB) proposed Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) programmes, with a combined aggregate limit of RM1.0 billion. The outlook on the long-term rating is stable. MAGB is Malaysia’s national aviation group and is wholly owned by Khazanah Nasional

MARC Ratings has affirmed its AA+IS rating on EDOTCO Malaysia Sdn Bhd’s RM3.0 billion Islamic Medium-Term Notes Programme with a stable outlook. The rating affirmation continues to reflect EDOTCO Malaysia and its subsidiaries’ (collectively EDOTCO Malaysia Group) leading position in Malaysia’s telecommunications tower industry and resilient business model, which provides strong cash flow visibility. As

MARC Ratings has assigned a preliminary AA-IS rating with a positive outlook to Konsortium Lebuhraya Utara–Timur (KL) Sdn Bhd’s (Kesturi) proposed Sukuk Murabahah Programme of up to RM2.3 billion (Proposed New Sukuk). The Proposed New Sukuk will be used to refinance Kesturi’s existing Senior Sukuk and Junior Bonds. Under the proposed transaction, CIMB Investment Bank