MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) Green SRI Sukuk of up to RM240.0 million. The outlook on the rating is stable. UiTM Solar is the project owner of a greenfield solar power plant (SPP) with a capacity of 50MWac in Gambang, Pahang. The project is 94.0% completed as at November 7, 2018, according to the independent consulting engineer and is expect...

MARC has affirmed its rating of AAIS on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. The affirmed rating incorporates a one-notch rating uplift based on the credit strength of BEWG’s parent Beijing Enterprises Water Group Limited (BEWGL), which has provided an unconditional and irrevocable corporate guarantee during the construction phase of the water tr...

MARC has affirmed its A+IS(s) rating on single-purpose company Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme (Sukuk Wakalah) of up to RM2.0 billion with a negative outlook. Concurrently, the rating agency has affirmed its AAAIS(fg) rating on PLSUKE’s Danajamin-Guaranteed Facilities (Danajamin-Guaranteed Sukuk) of up to RM500.0 million with a stable outlook. ...

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. Tanjung Bin O&M, a wholly-owned subsidiary of Malakoff Power Berhad (MPower), provides operations and maintenance (O&M) services to a 2,100-MW coal-fired power plant under an O&M agreement (OMA) with sister company Tanjung Bin Power Sdn Bh...

MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s Green SRI Sukuk Wakalah of up to RM245.0 million. The outlook on the rating is stable. Sinar Kamiri is undertaking the development of a greenfield solar power generation facility with a capacity of 49.0MWac in Sungai Siput, Perak. The rating primarily reflects Sinar Kamiri’s healthy project fundamentals that are underpinned by ...

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. The affirmed rating primarily reflects Southern Power’s predictable operational cash flow on the back of an availability-based tariff structure under a 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) (AAA/Stable). ...

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 with a negative outlook. Wholly owned by Ekovest Berhad, DUKE 3 is undertaking the design, construction, financing, operations and maintenance of Setiawangsa-Pantai Expressway (SPE), a 32-km elevated dual two-lane carriageway. The toll road proje...

MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating affirmation factors in a three-notch rating uplift for parental support from Putrajaya Holdings Berhad (PJH) on which MARC maintains a long-term credit rating of AAA/stable. The support asses...

MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme. Concurrently, the rating outlook has been revised to stable from negative.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 C...

MARC has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green SRI Sukuk. The rating outlook has been revised to negative from stable. The negative outlook reflects primarily the heightened termination risk of two of the three solar power purchase agreements (SPPA) following delays in achieving commercial operation dates (COD) of QSP...