MARC has affirmed its AA-IS rating on single-purpose company SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook.SAJ Capital Sdn Bhd is 100%-owned by Ranhill Capital Sdn Bhd which holds an 80% interest in Ranhill SAJ Sdn Bhd (SAJ), the sole water treatment operator and treated water distributor in Johor. The affirmed rating reflects the credit strength of ...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's outstanding Islamic securities (sukuk) of RM1.475 billion with a stable outlook. TNB Northern Energy is a wholly-owned subsidiary of TNB Prai Sdn Bhd and was set up to construct a 1,071.43-MW combined-cycle gas turbine (CCGT) power plant in Seberang Perai Tengah, Penang. TNB Prai in turn is 100%-owned by Tenaga Nasional Ber...

MARC has affirmed its ratings of MARC-1IS and AAAIS on Gas Malaysia Berhad’s Islamic Commercial Papers (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700.0 million. The ratings outlook is stable. The outstanding under the MTN programme was RM281 million as at end-September 2019. The ratings affirmation is driven by Gas Malaysia’s dominant ...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The rating affirmation factors in the favourable terms of KPSB’s 21-year power purchase agreement (PPA) under which the demand risk is allocated to the offtaker Sabah Electricity Sdn Bhd (SESB). Tenaga Nasional Berhad (TNB), which has a MARC rating of AAA/St...

MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding is RM50.0 million BaIDS payable in December 2022. GDC Putrajaya is a wholly-owned subsidiary of Putrajaya Holdings Berhad (PJH) and is the sole supplier of chilled water for al...

MARC has assigned a final rating of AA-IS to special purpose vehicle AZRB Capital Sdn Bhd’s (ACSB) proposed issuance of up to RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook.Wholly owned by Bursa Malaysia-listed Ahmad Zaki Resources Berhad (AZRB), ACSB was set up to issue the proposed Sukuk Murabahah, proceeds of which will be on-lent to parent AZRB which wo...

MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. BEWG is wholly-owned by Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is an associate company of Beijing Enterprises Holding Limited, a state-owned entity of the Beijing municipal government. The rating reflects the unconditional and irrevocab...

MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM140.0 million outstanding Islamic Medium-Term Notes (IMTN) and RM350.0 million outstanding guaranteed IMTN at AAIS and AAAIS(fg). The outlook on the ratings is stable. RPII owns and operates the 190 MW combined cycle gas turbine (CCGT) Rugading Power Station in Sabah under a 21-year Power Purchase Agreement (PPA) with...

MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power is a 51:49 joint venture between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd (SIPP) and was established to develop a 2x720MW combined cycle gas-fired power plant in Pasir Gudang. The rating affirmation reflects t...

MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM245.0 million. The rating outlook is stable. Sinar Kamiri is a special purpose project company incorporated to build, own and operate a 49.0MWac solar photovoltaic plant (SPP) in Sungai Siput, Perak. The rating primarily reflects Sinar Kamiri’s healthy ...