Rating action     MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. There is no outstanding amount under the programme as at end-July 2022.Rationale     The rating reflects MHB’s conservative balance sheet and strong liquidity position as well a...

Rating action     MARC Ratings has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme, subject to a combined limit of RM500.0 million. The ratings outlook is stable. Rationale     The ratings continue to r...

Rating action     MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) rating for its RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. As of June 13, 2022, outstanding balance of the sukuk stood at RM90.0 million. Rationale     The affirmed rating reflects Grand Sepadu’s stable performance, underpinned by resilient commer...

Rating action MARC Ratings has downgraded its rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) to B+IS from BBIS and maintained the outlook at negative.RationaleSDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting ...

Rating action     MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable.Rationale     The affirmed rating reflects Yinson group’s established position in the floating, production, storage and offloading vessels (FPSOs) business segment, as well as its earnings vi...

Rating action MARC Ratings has affirmed its ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) at AA-IS and A-. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk in regard to sec...

Rating actionMARC Ratings has affirmed its rating of AA-IS with a stable outlook on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah. RationaleDUKE 3 is involved in the construction of the 32-km Setiawangsa-Pantai Expressway (SPE) that connects Middle Ring Road 2 (MRR2) at Wangsa Maju to Kerinchi Link adjoining Federal Highway. It is being built unde...

Rating action        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 its RM350.0 million outstanding guaranteed IMTN at AAAIS(fg).The outlook on the ratings is stable. RationaleThe AAIS  rating reflects the favourable terms under the power purchase agreement (...

Rating action     MARC Ratings has affirmed its AAIS rating to Kimanis Power Sdn Bhd’s (KPSB) outstanding RM585.0 million Sukuk Programmes (sukuk). The rating outlook is stable.Rationale     The rating affirmation reflects KPSB’s steady cash flow generation attributed to the consistent performance of its plant to exceed the minimum requirements under the Power Pur...

Rating action        MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s outstanding sukuk of RM1.32 billion with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, a 100% indirectly-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Prai operates a 1,071.43MW combined-cycle gas turbine (CCGT) power plant (comprisin...