MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer and corporate debt ratings. The reaffirmation of the ratings reflects TNB’s strategic and important role to Malaysia’s economy and national security and its dominant role in generation. TNB’s virtually monopolistic position in the transmission and distribution of electricity in Peninsular Malaysia and Sabah, coupl...

Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM350 million Murabahah Commercial Papers/ Medium Term Notes ratings have been reaffirmed at AAID and MARC-1ID /AAID respectively with a Stable Outlook. At the same time, the rating of PNSB’s RM546.875 million Junior Notes A (A Notes) has been upgraded to A+. The ratings are support...

MARC has assigned a rating of A+ with Stable Outlook to Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM435 million Nominal Value Redeemable Unsecured Bonds (“RUBs”). The rating is supported by the continued strength and bright outlook of the water supply services industry especially in the state of Selangor, increased revenue and profitability of PNSB, and improving cash flo...

The rating of MTD Prime Sdn Bhd’s (MTD Prime) RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) has been affirmed at AAID. The rating reflects the continuous traffic and revenue growth from the KL–Karak Highway (KLK) and the inclusion of the toll revenue from the East Coast Expressway Phase 1 (ECE1) into the coffers of the company. In addition, the half yearly princi...

The reaffirmation of AAAID to Optimal Olefins (Malaysia) Sdn Bhd’s (‘Olefins’) debt issuance and AAAID(s) to Optimal Glycols (Malaysia) Sdn Bhd (‘Glycols’) and Optimal Chemicals (Malaysia) Sdn Bhd’s (‘Chemicals’) (both Glycols and Chemicals referred to as ‘G&C’) debt issuances respectively continues to reflect the Optimal Group of c...

The ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium Term Notes (IMTN) have been reaffirmed at A+ID. The rating reaffirmations are based on the stable and predictable cash flows of the company which have allowed it to service its debt obligations on a timely manner, the presence of a long-term fu...

The ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium Term Notes (IMTN) have been reaffirmed at A+ID. The rating reaffirmations are based on the stable and predictable cash flows of the company which have allowed it to service its debt obligations on a timely manner, the presence of a long-term fu...

MARC has upgraded the long term rating of Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants from A to A+ with a stable outlook. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s Junior Notes A (“A Notes”), which has also been upgraded. The rating is a ref...

The long term ratings of Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) have been downgraded to A-ID while the short term rating for the MUNIF/IMTN has been reaffirmed at MARC-2ID. The ratings have been accorded a stable outlook. The ratings downgra...

MARC has affirmed Sacofa Sdn Bhd’s (SACOFA) and its special purpose subsidiary, Sarawak Gateway Sdn Bhd’s (Sarawak Gateway) RM160.0 million Sukuk Istisna’ and RM240.0 million Sukuk Ijarah at AAAIS respectively with a negative outlook. The strong ratings reflect, amongst others, majority state-owned Sacofa’s strategic position as sole developer, owner and manager of teleco...