MARC has assigned a rating of AA-IS to Southern Power Generation Sdn Bhd’s (Southern Power) proposed Sukuk Wakalah of up to RM4.0 billion. The outlook on the rating is stable. Southern Power, a 51:49 joint venture (JV) between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd (SIPP), will utilise proceeds from the sukuk to develop a 2x720-megawatt (MW) combined cycle gas-fired plant in Pasir ...

MARC has assigned a rating of AA-IS to Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) Green SRI Sukuk of up to RM1.0 billion. The outlook on the rating is stable. QSP Semenanjung is a wholly-owned subsidiary of Quantum Solar Park Malaysia Sdn Bhd, with the latter’s ownership interest equally divided among ItraMAS Technology Sdn Bhd (ItraMAS), MalTechPro Sdn Bhd (MalTechPro) and ...

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

MARC has affirmed the AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. KPSB is the owner of the 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay, Sabah. The affirmed rating continues to be underpinned by the favourable terms of KPSB’s 21-year power purchase agreement (PPA) that allocates demand risk and fue...

MARC has affirmed its ratings of MARC-1IS and AAAIS on Gas Malaysia Berhad’s (Gas Malaysia) Islamic Commercial Papers (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700 million respectively. The outlook on the ratings is stable. As at end-July 2017, the total outstanding notes under the rated programmes stood at RM161.0 million. The ratings ...

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 stable outlook. DUKE 3, a wholly-owned subsidiary of Ekovest Berhad (Ekovest), is undertaking the design, construction, financing, operations and maintenance of the 32.1km DUKE Phase 3 expressway in Kuala Lumpur. The expressway, which will connect the Mi...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah and revised the rating outlook to stable from negative. KEV, a 60%-owned subsidiary of Tenaga Nasional Berhad (TNB), owns and operates Kapar Power Station (KPS), the largest domestic multi-fuel thermal power station with four generating facilities (GF) with a combined nominal capacity of ...

MARC has affirmed its rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme of AA+IS. MARC continues to maintain a negative outlook on the rating. CNSB provides network telecommunication services to its parent, Celcom Axiata Berhad (Celcom), through network telecommunication assets. The rating and outlook are premised on the overall credit profile of the Celcom...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) outstanding Islamic securities (sukuk) of RM1.595 billion with a stable outlook. TNB Northern Energy is a funding vehicle of its parent TNB Prai Sdn Bhd (TNB Prai), a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB), for the construction of a 1,071.43-megawatt (MW) combined-cycle gas turbine (CCGT...

MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM240 million outstanding Islamic Medium-Term Notes (IMTN) and RM350 million outstanding guaranteed IMTN at AAIS and AAAIS(fg) respectively. The outlook on the ratings is stable. RPII is an 80%-owned subsidiary of Ranhill Capital Sdn Bhd (Ranhill Capital) and was established to build, own and operate Rugading Power Stat...