MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. The rating and outlook are equalised with those of the project sponsor, Tenaga Nasional Berhad (TNB), which has provided credit substitution in the form of explicit project completion support and rolling guarantees in favour of the sukukholde...

MARC has assigned rating of AAAIS to TNB Northern Energy Berhad's (TNB Northern Energy) issuance of Islamic securities (sukuk) of RM1.625 billion with a stable outlook. TNB Northern Energy is a wholly-owned funding vehicle of TNB Prai Sdn Bhd (TNB Prai) which in turn is wholly owned by national utility company Tenaga Nasional Berhad (TNB). TNB Northern Energy is using the sukuk proceeds to part-fi...