Rating Announcements

MARC Ratings has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable. Special Coral owns about […]

MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding RM202.3 million Green SRI Sukuk. The previous placement was made on January 28, 2022, due to the uncertain timing and implementation risk involved in restoring operations at its plant following unexpected damages to its gas-insulated switchgear (GIS) and

MARC Ratings has withdrawn its ratings on Kinabalu Capital Sdn Bhd’s Issue 1 and Issue 2 Medium-Term Notes (MTN) and Commercial Papers (CP) under the RM3.0 billion MTN and CP Programme. The rating withdrawal follows the completion of the refinancing exercise and full redemption of the outstanding RM20 million Class A MTN rated AAA and

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 initial proceeds of RM800 million from the issuance had been largely used to fund capital injections into the group’s joint venture (JV), Battersea Power Station in the United Kingdom (Battersea Project).

MARC Ratings has affirmed its AA-IS rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s Islamic Medium-Term Notes (Sukuk Murabahah Programme) and revised the rating outlook to positive from stable. The outlook revision factors in PTP’s steadily improving credit profile, reflected by stronger cash flow generation that has led to improvement in debt and interest

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 reflects the credit strength of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work completed by KAJV for the Kuala

MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk. The rating outlook is stable. QSP Semenanjung has a 100%-ownership in three project companies — QSP (Kedah) Sdn Bhd, QSP (Melaka) Sdn Bhd and QSP (Terengganu) Sdn Bhd — with

MARC Ratings has affirmed Top Glove Corporation Bhd’s (Top Glove) corporate credit rating at AA+ and concurrently affirmed its wholly-owned TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme rating at AA-IS(CG). The ratings outlook is stable. The rating on the perpetual sukuk reflects its subordination to Top Glove group’s senior unsecured obligations. Top Glove’s

MARC Ratings has assigned a preliminary rating of AAAIS to TNB Power Generation Sdn Bhd’s (TPGSB) proposed sukuk programme of up to RM10.0 billion. The rating carries a stable outlook. Commencing operations on October 1, 2020, TPGSB was incorporated to assume the generation assets and liabilities of its parent Tenaga Nasional Berhad (TNB) under a

MARC Ratings has affirmed its rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion, with a stable outlook. The rating on PLSUKE’s Danajamin-guaranteed Facilities of up to RM500.0 million has been affirmed at AAAIS(fg)/Stable based on the long-term counterparty credit rating of AAA/stable on