Rating action     MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. The outstanding currently stands at RM1.75 billion following the redemption of Series 5 and Series 7 of RM400 million and RM150 million in August and October 2021.Rationale     CNSB provides network telecommunication...

Rating action     MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme with a stable outlook. The outstanding currently stands at RM17.9 billion following the redemption of RM500 million in January 2021.We have assessed PLUS’ credit profile in the context of its existing concession agreement (CA) and debt struc...

Rating action       MARC has affirmed its AAIS rating on ANIH Berhad's RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032. RationaleThe rating reflects the highways’ historically stable traffic and revenue profile that suppor...

Rating action    MARC has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook.Rationale   ACSB was set up for the sole purpose of subscribing to the Redeemable Convertible Preference Shares (RCPS-i) issued by sister company, Peninsular Medical Sdn Bhd (PMSB) from utilisin...

Rating action     MARC has affirmed its MARC-1IS /AAIS  ratings on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 issued under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Any further drawdown under the programme will require a re-assessment of the ratings....

Rating action     MARC has affirmed its preliminary AA-IS rating on Sparks Energy 1 Sdn Bhd’s proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Murabahah of up to RM220.0 million. The rating outlook is stable. Rationale     Sparks Energy 1 is a special purpose vehicle incorporated to raise funding to develop two 30MWac solar power plants (...

Rating action     MARC has affirmed its AA-IS  rating on Malakoff Power Berhad’s (MPower) outstanding RM2.93 billion Sukuk Murabahah. The rating outlook is stable. Rationale     MPower is the operations and maintenance (O&M) operator of its parent Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic independent power producers (IPP). MARC...

Rating action     MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding Sukuk Wakalah of RM235.0 million with a stable outlook.Rationale      The rating affirmation continues to reflect the credit strength of the Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking in...

Rating actionMARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The outlook on the ratings has been revised to positive. RationaleThe outlook revision incorporates the continued improvement in Northport’s credit metrics on the back of substantial growth in its ...

Rating action     MARC has assigned a rating of A+IS to Yinson Holdings Berhad’s (Yinson) RM1.0 billion Islamic Medium-Term Notes Programme. The rating outlook is stable.Rationale     The rating incorporates Yinson group’s strong business profile in providing floating, production, storage and offloading vessels (FPSOs) for the upstream oil and gas (O&G) indust...