Ratings

MARC Ratings has assigned a final rating of AAAIS to PNB Merdeka Ventures Sdn. Berhad’s (PNBMV) Merdeka Sukuk Wakalah Programme of up to RM6.0 billion with a 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 Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. TNB’s strong credit profile is underpinned by its monopoly over electricity transmission in Peninsular Malaysia and Sabah, as well as its status as the largest domestic electricity producer, distributor and retailer. A supportive Incentive-Based Regulation framework enables TNB

MARC Ratings has affirmed its financial institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. KAF IB’s consistent earnings record, strong capitalisation and liquidity, and conservative, low-risk investment strategy remain key rating drivers, moderated by its sensitivity to sudden interest rate changes. KAF IB primarily earns from capital gains

MARC Ratings has assigned a final rating of MARC-1IS to Sunsuria Berhad’s Islamic Commercial Papers (ICP) Programme of up to RM500.0 million. 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 from the draft documentation on which the

MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM7.97 billion Sukuk Murabahah with a stable outlook. The affirmed rating is underpinned by JEP’s stable cash flow from its 2×1,000MW ultra-supercritical coal plant, backed by a 25-year power purchase agreement (PPA) with indirect 70% shareholder Tenaga Nasional Berhad (TNB,

MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The long-term rating outlook is stable. The affirmation reflects PDB’s well-established track record, leading position in domestic petroleum retailing, robust liquidity, low leverage, and strategic role as the Petroliam Nasional Berhad

MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on special purpose funding vehicle SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/ Islamic Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. The ratings reflect the credit profile of parent SkyWorld Development Berhad (SkyWorld) which has extended an irrevocable and unconditional guarantee on the programmes. The

MARC Ratings has affirmed its ratings on port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programmes at MARC-1IS and AA-IS. The outlook on the long-term rating has been maintained at positive. The programmes have a combined aggregate limit of RM1.0 billion with the current outstanding comprising entirely IMTNs

MARC Ratings has affirmed its AA-IS/Stable rating on Zetrix AI Berhad’s Islamic Medium-Term Notes (IMTN) Programme, which has been upsized to RM2.0 billion from RM1.0 billion. The rating reflects Zetrix AI’s strong non-concession revenue, high operating margins, and healthy cash flow generation. These strengths are tempered by growth challenges for its blockchain platform, rising debt

MARC Ratings notes the recent fire incident at Tanjung Bin Energy Sdn Bhd (TBE), one of Malakoff Corporation Berhad’s (Malakoff) independent power producers, which has resulted in the plant’s full shutdown to allow for investigation and rectification. The extent of the loss and the restart timeline have yet to be determined. The rating agency is