Ratings

MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. The rating reflects the rating agency’s assessment of strong support for the Trans Thailand-Malaysia project, a strategic joint venture between national oil companies Petroliam Nasional Berhad (PETRONAS, Malaysia) and PTT Public Company Limited (PTT, […]

MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding RM2.9 billion Sukuk Wakalah with a stable outlook. Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang, Johor. Tenaga Nasional Berhad (TNB, AAA/Stable) indirectly owns 70% of Southern Power through its wholly-owned subsidiary TNB Power Generation

MARC Ratings has affirmed TSH Sukuk Murabahah Sdn Bhd’s RM150 million Islamic Medium-Term Notes Programme rating at AA-IS with a stable outlook. TSH Sukuk Murabahah is the funding vehicle for TSH Resources Berhad (TSH) which has provided an irrevocable and unconditional undertaking to meet the purchase obligations of its subsidiary. TSH’s favourable maturity profile of

MARC Ratings has assigned final ratings of MARC-1IS  and AAAIS  to Pantai Holdings Sdn Bhd’s existing Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme, collectively “Sukuk Programmes”, with a combined aggregate limit of up to RM15 billion. The long-term rating outlook is stable. The rating agency has reviewed the final documentation for

MARC Ratings has assigned a preliminary rating of AAIS to Tadau Energy Sdn Bhd’s proposed ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of up to RM215 million with a stable outlook. Proceeds from the issuance will primarily be used to refinance Tadau Energy’s existing sukuk, which will be cancelled following the planned refinancing. The

MARC Ratings has affirmed its AA/Stable non-bank financial institution rating on CGS International Securities Malaysia Sdn Bhd (CGS MY) and the MARC-1 rating on CGS MY’s Commercial Papers (CP) Programme of up to RM1.0 billion in nominal value. The ratings reflect CGS MY’s strong standing in Malaysia’s stockbroking sector, consistently ranking among the top two

MARC Ratings has assigned a preliminary rating of AA-IS to Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) proposed Sukuk Murabahah Programme (Sukuk Murabahah) and affirmed its AA-IS rating on the Sukuk Wakalah Programme of up to RM3.64 billion (Sukuk Wakalah), both with a stable outlook. The Sukuk Murabahah will be issued in exchange for

MARC Ratings has assigned ratings of MARC-1IS and AAAIS to Pantai Holdings Sdn Bhd’s existing Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme (collectively Sukuk Programmes) with a combined aggregate limit of up to RM15 billion. The long-term rating outlook is stable. Pantai Holdings is a wholly-owned subsidiary of IHH Healthcare Berhad

MARC Ratings has affirmed its corporate credit rating on SD Guthrie Berhad at AAA. In addition, the rating on SD Guthrie’s existing Perpetual Subordinated Sukuk Programme has been affirmed at AAIS. Concurrently, the rating agency has assigned preliminary ratings of AAAIS to SD Guthrie’s proposed Senior Islamic Medium-Term Notes (Senior Sukuk Wakalah), and AAIS to

MARC Ratings has affirmed its BBIS rating with a negative outlook on YNH Property Berhad’s (YNH) RM700 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The rating takes into account the challenges faced by YNH, as reflected in its credit profile, notwithstanding recent asset monetisation efforts that helped the company meet certain financial obligations. However, YNH