SummaryGlobal Bond Markets          Global bonds mostly sold off in September as higher-than-expected inflation data fuelled expectations of more aggressive interest rate hikes by major central banks.Malaysian Government Bond Market          Local government bond market growth slowed in September. While the first Sustainability GII did dr...

Rating action     MARC Ratings has affirmed its AAIS /AA ratings on funding vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an uncondition...

Rating action     MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.72 billion Sukuk Murabahah. The rating outlook is stable.     Rationale     The rating affirmation is underpinned by JEP’s predictable cash flows from its 2x1,000-megawatt (MW) ultra-supercritical coal plant under a 25-year power purchase...

Rating action     MARC Ratings has assigned rating of A+IS with a stable outlook to JB Cocoa Sdn Bhd’s proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million in nominal value (Sukuk Wakalah Programme). JB Cocoa is a key manufacturing subsidiary of JB Foods Limited, a Singapore Stock Exchange listed company, which has provided a corporate guarantee to...

Rating action     MARC Ratings has affirmed its ratings of MARC-1IS /AA-IS on UEM Sunrise Berhad’s two Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) programmes (ICP/IMTN-1 and ICP/IMTN-2) with a total combined nominal value of RM6.0 billion. The rating agency has also affirmed its AA-IS rating on UEM Sunrise’s RM2.0 billion IMTN programme (IMTN-1). The lon...

Rating action     MARC Ratings has assigned a final rating of AAAIS to Amanat Lebuhraya Rakyat Berhad’s (ALR) sukuk programme of up to RM5.5 billion. The rating outlook is stable.     Rationale     The assigned rating reflects the strength and the proven revenue-generating capacity of ALR’s portfolio of matured highways in the Klang Valley, the heal...

Rating action     MARC Ratings has affirmed its rating of AAAIS on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook.     TNB Western is the funding vehicle of TNB Manjung Five Sdn Bhd, a 100% indirectly-owned subsidiary of TNB. TNB Manjung Five operates and maintains a 1,000MW ultra-supercritical coal-fired power pla...

Rating action     MARC Ratings has affirmed its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) facility at A+ and concurrently revised the rating outlook to stable from negative. The outstanding under the rated facility stands at RM310.0 million as of September 19, 2022. Segi Astana is the concessionaire for the integrated complex, gateway@klia...

Rating action      MARC Ratings has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA. Concurrently, the rating agency also affirmed its AAIS rating on SD Plantation’s Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion. Both ratings carry a stable outlook.Rationale     The affirmed corporate cr...

Rating action     MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM580.0 million Sukuk Ijarah. Concurrently, the outlook has been revised to stable from negative. KEV owns and operates the Kapar Power Station (KPS), which consists of three generating facilities (GF) with a combined nominal capacity of 2,200MW.     Rat...