Ratings

MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s outstanding sukuk of RM1.22 billion with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd (TNB Prai), which operates a 1,071.43MW combined-cycle gas turbine power plant (comprising two power generation units — Unit 10 and Unit 20 — […]

MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook. The sukuk had been issued to fund the construction of the 1,000MW coal power plant in Manjung, Perak, for its parent TNB Manjung Five Sdn Bhd (TNB Manjung Five). The plant attained

MARC Ratings has affirmed TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium-Term Notes Programme rating at AA-IS with a stable outlook. The outstanding stood at RM90 million as at end-March 2023. TSH Sukuk Murabahah is the funding vehicle for TSH Resources Berhad (TSH) which has provided an irrevocable and unconditional undertaking to meet the purchase

MARC Ratings has affirmed its financial institution (FI) rating of AAA on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). Concurrently, the rating agency has affirmed its ratings of AAAIS/MARC-1IS on the bank’s Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion

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 outstanding under the programme currently stands at RM2.0 billion. The affirmed rating primarily reflects S P Setia’s entrenched market position in township development and healthy sales track record, underpinned by sizeable

MARC Ratings highlights that Alpha Circle Sdn Bhd has not made the principal payment on the outstanding Senior Sukuk Musharakah of RM60 million and Junior Sukuk Musharakah of RM55 million due on May 31, 2023. This is due to insufficient funds in the designated account. We understand that sukukholders are likely to provide further indulgence

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MARC Ratings has withdrawn its MARC-1IS rating on UEM Sunrise Berhad’s sub-limit RM500.0 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the expiry of the programme as confirmed by the facility agent on May 29, 2023. Following the expiry, UEM Sunrise has only one ICP programme under its ICP/Islamic Medium-Term Notes (ICP/IMTN-3) Programme

MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. The affirmed rating remains driven by TNB’s status as the principal electricity utility in Malaysia with a monopoly on electricity transmission in Peninsular Malaysia and Sabah, as well as its significant electricity distribution and generation capacity. This is

MARC Ratings has placed its AAIS rating on toll road concessionaire ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah programme on MARCWatch Negative. The rating action has been precipitated by issues that were raised during the sukukholders’ meeting held on May 9, 2023, in the wake of the new supplemental concession agreement (SCA) ANIH had entered