MARC has affirmed its ratings of AA-IS and A- 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). The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk with regard to security ranking and payment...

MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook.CNSB, a wholly-owned subsidiary of Celcom Axiata Berhad (Celcom), provides network telecommunication services to its parent. In assessing CNSB’s rating, MARC considers the overall credit profile of the Celcom group given the financial and operational linkages wit...

MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding vehicle of TNB Manjung Five Sdn Bhd, a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB), which was awarded a 25-year power purchase agreement (PPA) in 2013. The rating and outlook of TNB Western Energy are equalised with TNB’s corp...

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. Its toll concession for Kuala Lumpur-Seremban Expressway (KL-Seremban) ended on May 31, 2018; the impact to ANIH, however, is minimal. The affirmed ...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook. The rating reflects MARC’s assessment of a very high likelihood of support for this strategically important, government-to-government Trans Thailand-Malaysia (TTM) project from project sponsors, Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (PTT). P...

MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. The rating reflects the credit strength of the issuer’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking in the form of cash deficiency support to top up any shortfall in the finance service re...

MARC has assigned a final rating of AA-IS to port operator Penang Port Sdn Bhd’s (PPSB) proposed Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion. The rating carries a stable outlook. PPSB operates Penang Port under a long-term concession agreement expiring on December 31, 2041. Proceeds from the proposed issuance will be entirely used to refinance PPSB’s maturing RM1.0 bil...

MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme (Sukuk Wakalah) of up to RM2.0 billion. The rating outlook remains negative. Concurrently, the rating agency has affirmed its AAAIS(fg)/Stable rating on PLSUKE’s Danajamin-Guaranteed Facilities (Danajamin-Guaranteed Sukuk) of up to RM500.0 million. Danajamin Nasional Be...

MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM240.0 million. The rating outlook is stable.  The affirmed rating is mainly driven by UiTM Solar’s 21-year power purchase agreement with Tenaga Nasional Berhad (TNB) under which the demand risk is largely eliminated as the national powe...

MARC has affirmed its rating of AA-IS on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah. The rating outlook remains negative. DUKE 3, a wholly-owned subsidiary of Ekovest Berhad (Ekovest), is undertaking the design, construction, financing, operations and maintenance of the 32.1-km Setiawangsa-Pantai Expressway (SPE) in Kuala Lumpur. SPE will conne...