MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion. The outlook on the ratings is stable. PDB’s ratings are equalised to the ratings of its parent, Petroliam Nasional Berhad (PETRONAS) on which MARC maintains public information ratings of AAA/MARC-1/Stable. ...

MARC has assigned a rating of AA-IS to Sinar Kamiri Sdn Bhd’s (SKSB) proposed Green SRI Sukuk Wakalah of up to RM245.0 million. The outlook on the rating is stable. Wholly owned by Mudajaya Group Berhad (Mudajaya), SKSB was solely set up to undertake the development and operations of a greenfield solar power generation facility with a capacity of 49.0MWac in Sungai Siput, Perak. The estima...

MARC has affirmed its rating of AAAIS on TNB Western Energy Berhad’s (TNB Western Energy) Sukuk of up to RM4.0 billion with a stable outlook. The rating and outlook are equalised with Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable, taking into consideration the post-completion rolling guarantee provided by the parent to fund shortfalls in the finance service account (FSA...

MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme respectively. The outlook on the ratings is stable. The ratings affect the outstanding amount of RM450 million as at December 31, 2017 under the rated programmes which have a combined limit of RM1.5 billion. Nort...

MARC has assigned a rating of AA-IS to SAJ Capital Sdn Bhd’s (SAJ Capital) Sukuk Murabahah of up to RM650 million for up to 12 years. The outlook on the rating is stable. SAJ Capital is wholly owned by Ranhill Capital Sdn Bhd (RCSB), which in turn is a wholly-owned subsidiary of Bursa Malaysia-listed Ranhill Holdings Berhad (Ranhill). RCSB holds an 80% interest in SAJ Ranhill Sdn Bhd (SAJ), the...

MARC has affirmed its AA-IS and A- ratings 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) respectively with a stable outlook. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk in regard ...

MARC has affirmed its AAIS rating on ANIH Berhad's (ANIH) 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 as well as Kuala Lumpur-Seremban Expressway (KL-Seremban) until 2018. The rating considers the stable traffic performance on ANIH’s concessi...

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 assigned its rating of A+IS(s) to single-purpose company Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme (Sukuk Wakalah) of up to RM2.0 billion. Concurrently, MARC has also assigned its rating of AAAIS(fg) to PLSUKE’s proposed Danajamin-Guaranteed Facilities (Danajamin-Guaranteed Sukuk) of up to RM500.0 million (collectively the “Sukuk Programmes”...

MARC has affirmed its AAAIS(fg) rating on Sarawak-based investment holding company Senari Synergy Sdn Bhd’s (Senari Synergy) RM380 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating and outlook hinge on an unconditional and irrevocable guarantee provided by Danajamin Nasional Berhad (Danajamin) on the IMTN obligations. Danajamin carries a financial insurer rati...