Credit Analysis Reports
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Rating action     MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM580.0 million Sukuk Ijarah. Concurrently, the outlook has been revised to stable from negative. KEV owns and operates the Kapar Power Station (KPS), which consists of three generating facilities (GF) with a combined nominal capacity of 2,200MW.     Rat...


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Rating action     MARC Ratings has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.      Rationale     The rating affirmation incorporates Sunsuria’s development approach through joint ventures, its low net leverage and strong liquidity position. The rating also factors in t...


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Malaysian Government Bond Market          In August, total MGS/GII outstanding expanded to RM965.7 billion (July: RM958.8 billion) amid lower redemptions (August: RM8.6 billion; July: RM19.0 billion). The increase in the outstanding amount was driven by stronger MGS issuances valued at RM10.0 billion (July: RM5.0 billion). As GII issuances had come in at RM5.5 billion...


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Rating action     MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar Dua) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM97.0 million with a stable outlook.Rationale     The rating affirmation is mainly premised on the strength of the 21-year power purchase agreement (PPA) between UiTM Solar Dua and Te...


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Rating action     MARC Ratings has affirmed its ratings of A+IS and A-IS on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. The two-notch rating differential between both issuances reflects the latter’s subordination to the senior sukuk, in line with MARC Ratings’ notching principles on hybrid securitie...


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Rationale     MARC Ratings has affirmed its foreign currency sovereign rating of AAA/stable on the Republic of Singapore (Singapore) based on its national sovereign rating scale.  The AAA rating reflects a number of Singapore’s strengths, including having a dynamic and competitive economy underpinned by strong economic policy frameworks and effective institutions. Singap...


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Rating action     MARC Ratings has assigned ratings of MARC-1IS /AA-IS to port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined aggregate limit of RM1.0 billion. The long-term rating carries a stable outlook. The company operates Johor Port, a gateway port in Pasir Gudang, under a concession...


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Rating action     MARC Ratings has affirmed its financial institution (FI) rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). Concurrently, the rating agency has also affirmed its rating of AAAIS on the developmental financial institution’s (DFI) RM5.0 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on all ratings is stable.Rationale     BPMB...


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Rating action     MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding Sukuk Wakalah of RM3.6 billion with a stable outlook.Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang which achieved commercial operations dates (COD) on January 1, 2021 (Unit 1) and February 19, 2021 (Unit 2). It is 70%...


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Rating action     MARC Ratings has assigned a rating of AAIS(cg)  to funding vehicle VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion. The rating outlook is stable. The rating reflects the credit strength of VS Industry Berhad (VSI) on the basis of an unconditional and irrevocable corporate guarantee it will provide on the IMTN...


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