MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) with a stable outlook. The affirmed rating incorporates a two-notch support uplift from KEV’s standalone credit profile to reflect MARC’s expectation of a very high probability of parental support from Tenaga Nasional Berhad (TNB) (rated AAA/Stable). The rating agency’s assessment...

MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The affirmed rating reflects the sustained improvement in KEV’s operating performance since MARC’s last rating action, as well as the very high probability of support from Tenaga Nasional Berhad (TNB). The...

MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The affirmed rating takes into account the recent improvement in KEV’s operating and financial performance, as well as the rating agency’s expectation of a very high probability of parental support from Te...

MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The rating has been affirmed despite KEV's weak liquidity and second consecutive year of losses on MARC's expectation of ongoing support from Tenaga Nasional Berhad (TNB), KEV's ultimate holding company. MARC notes th...

MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID and has revised the rating outlook to stable from developing. The revised outlook reflects anticipated improvement in KEV’s earnings, with most operational issues of the plant being addressed as well as better electricity demand expec...

MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID. The rating now carries a developing outlook. Concurrently, MARC has removed the rating from MARCWatch Negative where it had been placed since July 2008 on concerns linked to the unresolved technical issues at Kapar Power Station (KPS) whic...

MARC has reaffirmed Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) rating at AA+ID.  The rating carries a stable outlook.  The rating principally reflects the creditworthiness of Tenaga Nasional Bhd (TNB), its off-taker under a 25-year power purchase agreement (PPA), and as majority shareholder.  Under the PPA, KE...

MARC has reaffirmed Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) rating at AA+ID with a stable outlook. The rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carr...

MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID. The rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rat...

The AA+ID rating accorded to Kapar Energy Ventures Sdn Bhd’s (KEV) proposed RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rating of AA+ from...