Rating Announcements

MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding RM1.045 billion sukuk with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, the operator of a combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang. The plant comprises two generating units (Unit 10 […]

MARC Ratings has withdrawn its AA+IS/Stable rating on Kapar Energy Ventures Sdn Bhd’s RM2.0 billion Sukuk Ijarah following the sukuk’s full redemption upon the final repayment of RM160.0 million on 3 July 2026 and the subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage

MARC Ratings has affirmed its AA-IS(cg) rating on Eco World Capital Berhad’s RM3.0 billion Sukuk Wakalah Programme and its AIS(cg) rating on Eco World Perpetual Capital Berhad’s RM2.0 billion Perpetual Sukuk Programme. The outlook on both ratings remains stable. Eco World Capital and Eco World Perpetual Capital are wholly owned funding vehicles of Eco World

MARC Ratings has upgraded its rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah Programme of up to RM650 million to AAIS from AA-IS, with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which holds an 80% stake in Ranhill SAJ Sdn Bhd, Johor’s sole source-to-tap water services provider.

MARC Ratings has affirmed its AAAIS(cg)/MARC-1IS(cg) ratings on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes/ Islamic Commercial Papers (IMTN/ICP) Programmes with a combined limit of up to RM3.0 billion. The rating outlook is stable. As F&N Capital is a wholly-owned funding vehicle of Fraser & Neave Holdings Bhd (F&NHB), and the programmes are backed by

MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The programme has an outstanding of RM350.0 million as of 30 June 2026. The rating on 7 Eleven Holdings reflects the group’s strong market position as the largest convenience store operator

MARC Ratings has affirmed its AAIS(cg) rating on VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes programme of up to RM1.0 billion, with a stable outlook. The rating reflects the credit strength of parent company VS Industry Berhad (VSI), which provides an unconditional and irrevocable guarantee on the programme. VSI’s established track record, strong cash

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 (BPMB) which carries a financial institution rating of AAA from MARC Ratings.

MARC Ratings has affirmed its AAIS rating on Berapit Mobility Sdn Bhd’s (BMSB) RM1.5 billion Sustainability Islamic Medium-Term Notes Programme with a stable outlook. BMSB is a special-purpose vehicle established by its parent, SMH Rail Sdn Bhd, to undertake sale-and-leaseback transactions with Railway Assets Corporation (RAC). Sukuk proceeds were utilised to partially finance the acquisition