Credit Analysis Reports
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MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern) outstanding Islamic securities (sukuk) of RM1.415 billion. The rating carries a stable outlook.TNB Northern is a funding vehicle of TNB Prai Sdn Bhd (TNB Prai) which was established to design, construct, own, operate and maintain the 1,071.43-MW combined-cycle gas turbine (CCGT) power plant in Seberang Perai Tengah, ...


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MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM240.0 million. The rating outlook is stable. The rating is mainly driven by UiTM Solar’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under which the demand risk is largely eliminated as the national power company wil...


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MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook.BEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In 2015, it was awarded by the Terengganu state government a design-and-build contract to refurbish and upgrade water treatment ...


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Global Market     Government bond yields in developed markets bear-steepened significantly in August following the US Fed’s decision to allow inflation to run above its 2% target during the Annual Jackson Hole Symposium. This had led to fears of rising inflationary pressure. Better-than-expected economic data and positive news about the development of a COVID-19 vaccine have also ...


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MARC has assigned a preliminary rating of AAAIS to Pengerang LNG (Two) Sdn Bhd’s (PLNG2) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. The rating outlook is stable.PLNG2 owns a regasification terminal, Regasification Terminal Pengerang (RGTP), through which natural gas is supplied to the USD27.0 billion Pengerang Integrated Complex (PIC), Petroliam Nasional Berhad (...


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MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) sukuk of up to RM4.0 billion with a stable outlook. It has an outstanding sukuk of RM3.6 billion as of end-June 2020.TNB Western is the funding vehicle of TNB Manjung Five Sdn Bhd which was established to design, construct, own, operate and maintain a 1,000MW ultra-supercritical coal-fired power plant in Manjung, Per...


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MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme (Sukuk Wakalah) of up to RM2.0 billion. The rating outlook has been revised to stable from negative. The previous negative outlook reflected a potential construction delay then in relation to the company’s Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) project and th...


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MARC has assigned a sub-sovereign credit rating of AAA with a stable outlook to the state of Sabah.  The rating reflects Sabah’s resource riches, relatively strong fiscal position and liquidity buffer. Contributing about 18% towards Malaysia’s overall primary sector output, Sabah has consistently generated fiscal surpluses even during major global crises. According to the latest available...


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MARC has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The outstanding IMTN under the rated programme stood at RM4.07 billion as at May 31, 2020.Aman is a wholly-owned funding vehicle of PBLT Sdn Bhd (formerly known as Pembinaan BLT Sdn Bhd), the developer of 74 projects comprising quarters and fa...


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MARC has affirmed its financial institution (FI) ratings on CIMB Bank Berhad at AAA/ MARC-1 with a stable outlook. Concurrently, the rating agency has affirmed its ratings on the bank’s existing subordinated debt programmes as follows: 1. RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme affirmed          at AA+/Stable2. RM5.0 billion Subordinate...


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