Rating Announcements

MARC Ratings has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) outstanding RM2.43 billion Sukuk Murabahah with a stable outlook. Wholly owned by Malakoff Corporation Berhad (Malakoff), MPower is the operations and maintenance (O&M) operator of independent power producers (IPPs) which are held through companies that are majority-owned by its parent. Given operational linkages …

MARC Ratings affirms AA-_IS rating on MPower’s Sukuk Read More »

MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. Total outstanding under the programme stood at RM2.1 billion as of October 31, 2022. MMC’s significant and longstanding competitive strengths through subsidiaries and associates in the ports and logistics, engineering, and energy and …

MARC Ratings affirms AA-_IS rating on MMC’s RM2.5 billion Sukuk Programme Read More »

MARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion.  The rating outlook is stable. The affirmed rating reflects the sizeable and predictable revenue from PLNG2’s regasification services under the Incentive-Based Regulation (IBR) framework, and the mitigation of demand risk …

MARC Ratings affirms PLNG2’s rating with stable outlook Read More »

MARC Ratings has affirmed its AAIS rating on ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032. The rating reflects the steady traffic on ANIH’s mature road network, providing strong cash flow generation …

MARC Ratings affirms ANIH’s AA_IS rating Read More »

MARC Ratings has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. Wholly owned by Putrajaya Holdings Berhad (PJH, AAA/Stable), GDC Putrajaya is the sole supplier of chilled water in Putrajaya under long-term agreements with strong counterparties. The …

MARC Ratings affirms AAA_IS rating on GDC Putrajaya’s Islamic Debt Securities Read More »

MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM180 million Sukuk Wakalah with a stable outlook. The rating affirmation reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower) (AA-/stable), which has provided an unconditional and irrevocable undertaking to top up any shortfall in the finance service …

MARC Ratings affirms Tanjung Bin O&M’s rating at AA-_IS Read More »

MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB). The IMR rating reflects KIB’s well-established investment processes and sound risk management practices. The IMR rating on KIIB mirrors the parent’s rating based on our assessment of KIIB’s significant integration …

MARC Ratings affirms investment manager rating of IMR-2 on Kenanga Investors and Kenanga Islamic Investors Read More »

MARC Ratings has assigned a final rating of AA-IS(cg) to Eco World Capital Berhad’s proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of RM1.2 billion. The rating carries a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material …

MARC Ratings assigns final rating of AA-_IS(cg) to Eco World Capital’s proposed RM1.2 billion Sukuk Wakalah programme Read More »

MARC Ratings has withdrawn its rating of B+/Negative on Senai-Desaru Expressway Berhad’s (SDEB) Islamic Medium-Term Notes of up to RM1.89 billion (Restructured Sukuk). SDEB has on October 20, 2022, informed that it has obtained approval from sukukholders to withdraw the rating, supported by a letter from Malaysian Trustees Berhad dated September 29, 2022, evincing the …

MARC Ratings withdraws Senai-Desaru Expressway’s rating Read More »

MARC Ratings has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. The affirmed rating reflects Evyap Malaysia’s vertically integrated oleochemical production facilities that have afforded control over its manufacturing process, its globally established customer base, and strong operating performance. These strengths …

MARC Ratings affirms Evyap Malaysia’s rating of AA-_IS Read More »