Ratings

MARC Ratings has affirmed its rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah at AA-IS with a stable outlook. The rating incorporates the adequately structured sukuk repayment profile that accommodates the traffic ramp-up on Setiawangsa-Pantai Expressway (SPE). The back-ended financing structure — with the first principal repayment […]

MARC Ratings has assigned a preliminary rating of AAAIS to Amanat Lebuhraya Rakyat Berhad’s (ALR) proposed sukuk programme of up to RM5.5 billion. The rating outlook is stable. The assigned rating reflects the strength and the proven revenue-generating capacity of ALR’s portfolio of matured highways in the Klang Valley, the healthy finance service capacity under

MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding sukuk of RM585.0 million with a stable outlook. The rating affirmation reflects KPSB’s steady cash flow generation attributed to the consistent performance of its plant that has continued to exceed the minimum requirements under its Power Purchase Agreement (PPA). Demand risk

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 outstanding under the programme stood at RM500.0 million as of May 11, 2022. The group’s established market position and strong operating track record in the domestic convenience store segment (7-Eleven

MARC Ratings has assigned a final rating of AAAIS to TNB Power Generation Sdn Bhd’s (TPGSB) sukuk programme of up to RM10.0 billion. The rating carries at 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 way

MARC Ratings has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM40.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and RM350.0 million outstanding guaranteed IMTN at AAAIS(fg). The ratings outlook is stable. The AAIS rating incorporates the favourable terms under the power purchase agreement (PPA) which allocates demand risk and fuel price

MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s outstanding sukuk of RM1.32 billion with a stable outlook. The rating and outlook are equalised to Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable, primarily based on the strength of the commitment TNB has extended through an unconditional and irrevocable rolling guarantee

MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s RM245 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah with a stable outlook. Sinar Kamiri is a special purpose project company that owns and operates a 49MWac solar power plant in Sungai Siput, Perak. The rating is primarily driven by Sinar Kamiri’s

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