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

MARC has affirmed its ratings of AAAIS(bg) and AAAIS(fg) on Ranhill Capital Sdn Bhd’s (Ranhill Capital) RM300 million bank-guaranteed (Tranche 1) and RM500 million Danajamin-guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The outlook on the ratings is stable. The ratings on Tranche 1 and Tranche 2 reflect the credit strength of the unconditional and irrevocable guarantees from ...

MARC has assigned a rating of AA-IS to toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) proposed RM3.64 billion Sukuk Wakalah with a stable outlook. DUKE 3 was incorporated by Ekovest Berhad (Ekovest) to undertake the design, construction, financing, operations and maintenance of the DUKE Phase 3 expressway under a concession agreement with the Malaysian government in Janua...

MARC has downgraded its rating on Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes programme to BBB+IS from AIS. The outlook is maintained at negative. The rating action affects RM75 million of outstanding sukuk under the rated programme.MARC’s rating action is premised on Alam Maritim’s weakening financial performance arising from its&...

MARC has affirmed Ranhill Powertron II Sdn Bhd’s (RPII) RM270 million outstanding non-guaranteed notes and RM350 million outstanding guaranteed notes at AAIS and AAAIS(fg) respectively. The outlook for the ratings is stable. The non-guaranteed and guaranteed notes were issued under the RM710 million Islamic Medium-Term Notes (IMTN) Programme. RPII is a special purpose project company incor...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) but revised the outlook to negative from stable. The affirmed rating incorporates a two-notch uplift from KEV’s standalone rating of AA- based on MARC’s continued assessment of a high probability of parental support from KEV’s majority shareholder, Tenaga Nasional Berhad (TN...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The affirmed rating is underpinned by the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with the offtaker, Sabah Electricity Sdn Bhd (SESB), under which demand risk is transferred to the offtaker. SESB is an 83%-owned subsidiary of Tenaga...

MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. Tanjung Bin O&M is the operations and maintenance (O&M) provider of the 2,100-megawatt (MW) coal-fired power plant owned by related company Tanjung Bin Power Sdn Bhd (TBP) under the O&M agreement (OMA). Tanjung Bin O&M...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. In affirming the rating, the rating agency has considered the potential migration of container traffic volume by one of Westports’ major clients, CMA CGM SA (CMA CGM), to Pasir Panjang Terminal in Singapore. CMA CGM, which contributed 3.31 millio...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. TNB Northern Energy was established to finance and develop a 1,071.43-megawatt combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang, under a 21-year power purchase agreement (PPA) with offtaker Tenaga Nasional Berhad (TNB)...