Rating Announcements

MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding RM1.15 billion sukuk with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, which operates a combined-cycle gas turbine power plant (comprising two power generation units — Unit 10 and Unit 20 — with an […]

MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes Programme (Senior Sukuk). Concurrently, the rating agency has also affirmed its A-IS rating on the group’s RM1.0 billion Subordinated Perpetual Islamic Notes Programme (Perpetual Sukuk). The two-notch rating differential between the instruments reflects the subordinated structure of the Perpetual

MARC Ratings has affirmed its AAIS rating on S P Setia Berhad’s RM3.0 billion Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating reflects S P Setia’s established domestic market position in township development, its proven sales track record, and considerable landbank in strategic locations that would continue to provide strong developmental opportunities.

MARC Ratings has assigned final ratings of MARC-1IS/AA-IS to Malakoff Power Berhad’s RM1.2 billion Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes. The rating outlook is stable. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way from

MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion. The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of rental payment streams to meet the obligations under this programme. Aman has informed it will undertake an

MARC Ratings has affirmed Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) rating at A+ and revised the rating outlook to positive from stable. Segi Astana is the concessionaire for the integrated complex, gateway@klia2, at Kuala Lumpur International Airport Terminal 2 (KLIA Terminal 2) in Sepang, Selangor. The gateway@klia2 complex comprises a

MARC Ratings has affirmed its ratings on Sunway Group’s issuances with a stable outlook. The list of issuances is appended at the end of this press release. Sunway Group’s long operating track record and strong market position in key sectors of the economy remain key drivers of the ratings affirmation. This is moderated by increasing

MARC Ratings has withdrawn its financial institution ratings of AAA/MARC-1 on Islamic Development Bank (IsDB), as well as its AAAIS rating on the Sukuk Wakalah Programme of RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The ratings withdrawal follows the expiry of the programme as confirmed by the facility agent on

MARC Ratings has assigned a preliminary rating of MARC-1 to Merchantrade Asia Sdn Bhd’s (Merchantrade) proposed Multi-Currency Commercial Papers (CP) Programme of up to RM200 million in nominal value. The rating is confined to ringgit-denominated issuance under the proposed programme, with the initial drawdown expected to be around RM50 million to RM70 million. The rating

MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of RM230.0 million with a stable outlook. The rating affirmation incorporates the strong operational track record of the two solar plants held by Leader Energy’s wholly-owned project companies, Leader Solar Energy Sdn Bhd (LSE