Rating Announcements

MARC Ratings has revised its outlook on ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah Programme to stable from negative. Concurrently, the AA-IS rating on the programme has been affirmed. The stable outlook reflects the abatement of the uncertainty surrounding the approval process for ANIH to restructure its shareholdings. MARC Ratings understands that the change in […]

MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding RM3.7 billion sukuk with a stable outlook. TNB Western is a funding vehicle for TNB Manjung Five Sdn Bhd, the owner and operator of a 1,000MW coal-fired power plant in Manjung, Perak, under a power purchase agreement (PPA) with Tenaga

MARC Ratings has affirmed its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) (formerly known as Ranhill Powertron II Sdn Bhd) outstanding RM300.0 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating affirmation reflects the unconditional and irrevocable guarantee on the programme from Bank Pembangunan Malaysia Berhad, which carries a

MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes Programme and Islamic Commercial Papers Programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable. As at end-December 2023, the outstanding amount under the programmes stood at RM330.2 million. The ratings reflect

MARC Ratings has affirmed its A+IS(s) and AAAIS(bg) ratings on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion and bank-guaranteed Facilities of up to RM500.0 million. The latter is guaranteed by Bank Pembangunan Malaysia Berhad which carries a financial institution rating of AAA from MARC Ratings. All

MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating mirrors Terengganu’s sub-sovereign AA-/Stable rating and reflects the capacity of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work completed

MARC Ratings has affirmed its AA-IS rating on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. The outstanding under the rated programme stood at RM300.0 million as at end-April 2024. The rating affirmation is driven by Farm Fresh’s strengths

MARC Ratings has revised its outlook on Tropicana Corporation Berhad’s rated programmes to stable from negative. Concurrently, the ratings on the programmes, the RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk, have been affirmed at AIS and A-IS. The outlook revision considers the improved credit profile of Tropicana, driven by

MARC Ratings has withdrawn its rating of A+IS on Bank Muamalat Malaysia Berhad’s RM2.0 billion Senior Sukuk Programme. The rating withdrawal follows the termination of the programme as confirmed by the facility agent on April 23, 2024. MARC Ratings’ analytical coverage on Bank Muamalat’s issuance is now limited to the bank’s RM5.0 billion Sukuk Wakalah