Rating action     MARC Ratings has affirmed its financial institution (FI) rating of AAA on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). Concurrently, the rating agency has affirmed its ratings of AAAIS / MARC-1IS on the bank’s Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM1.0 bill...

Rating actionMARC Ratings has affirmed its rating of AA-IS with a stable outlook on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah. RationaleDUKE 3 is involved in the construction of the 32-km Setiawangsa-Pantai Expressway (SPE) that connects Middle Ring Road 2 (MRR2) at Wangsa Maju to Kerinchi Link adjoining Federal Highway. It is being built unde...

Global Markets          10y UST yield pushed closer to 3% in April – a level not seen since late 2018. Hot inflation, uncertainties from external factors such as the Ukraine-Russia military conflict and market expectations of the hawkish move by the Fed on FFR dragged the yields upwards. ECB confirmed that it would conclude its net asset purchases in 3Q2022, which o...

Rating action        MARC Ratings has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM40.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and its RM350.0 million outstanding guaranteed IMTN at AAAIS(fg).The outlook on the ratings is stable. RationaleThe AAIS  rating reflects the favourable terms under the power purchase agreement (...

Rating action     MARC Ratings has affirmed its AAIS rating to Kimanis Power Sdn Bhd’s (KPSB) outstanding RM585.0 million Sukuk Programmes (sukuk). The rating outlook is stable.Rationale     The rating affirmation reflects KPSB’s steady cash flow generation attributed to the consistent performance of its plant to exceed the minimum requirements under the Power Pur...

Rating action        MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s outstanding sukuk of RM1.32 billion with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, a 100% indirectly-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Prai operates a 1,071.43MW combined-cycle gas turbine (CCGT) power plant (comprisin...

Rating action     MARC Ratings has assigned a rating of AAAIS to TNB Power Generation Sdn Bhd’s (TPGSB) proposed sukuk programme of up to RM10.0 billion. The rating carries a stable outlook.Rationale     TPGSB is a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB) (AAA/Stable) and was incorporated as part of the TNB group’s transformation plan that includes ...

Rating action     MARC Ratings has affirmed its rating of AA- on 7-Eleven Malaysia Holdings Berhad’s RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The outstanding under the programme stood at RM500.0 million as at end-February 2022.Rationale     The rating incorporates 7-Eleven Holdings' established market position and strong operating tra...

Rating actionMARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s RM245.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah with a stable outlook. As at end-March 2022, the outstanding sukuk stood at RM215.0 million.RationaleThe rating is primarily driven by Sinar Kamiri’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under whic...

Rating action     MARC Ratings has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable.Rationale     The ratings reflec...