Rating action     MARC has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.82 billion Sukuk Murabahah. The rating outlook is stable. Rationale     The affirmed rating incorporates JEP’s predictable cash flows from its 2x1,000-megawatt (MW) ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga N...

Rating action     MARC has affirmed its AA-IS  rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway.Rationale     The rating is premised on Cerah Sama’s resilient cash flows and stable revenue base, underpinned by ...

Rating action     MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. The outstanding currently stands at RM1.75 billion following the redemption of Series 5 and Series 7 of RM400 million and RM150 million in August and October 2021.Rationale     CNSB provides network telecommunication...

Rating action     MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme with a stable outlook. The outstanding currently stands at RM17.9 billion following the redemption of RM500 million in January 2021.We have assessed PLUS’ credit profile in the context of its existing concession agreement (CA) and debt struc...

Rating action       MARC has affirmed its AAIS rating on ANIH Berhad's 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. RationaleThe rating reflects the highways’ historically stable traffic and revenue profile that suppor...

Rating action    MARC has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook.Rationale   ACSB was set up for the sole purpose of subscribing to the Redeemable Convertible Preference Shares (RCPS-i) issued by sister company, Peninsular Medical Sdn Bhd (PMSB) from utilisin...

Rating action        MARC has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. RationaleThe rating is premised on Evyap Malaysia’s strong domestic market position in oleochemicals and its broadened customer base for both soap and oleochemical products, which provides earn...

Rating action    MARC has affirmed its financial institution (FI) rating of AAA on Credit Guarantee Corporation Malaysia Berhad (CGC). The rating carries a stable outlook.Rationale   The rating reflects CGC’s status as a development financial institution (DFI) with an explicit public policy role, underpinned by the support provided by the government through Bank Negara M...

Rating action     MARC has affirmed its MARC-1IS /AAIS  ratings on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 issued under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Any further drawdown under the programme will require a re-assessment of the ratings....

Global Markets     In November, The Fed hinted that it is speeding up the pace of its tapering of bond purchases. Investors expected that rate hikes would subsequently follow the conclusion of tapering activity. The long-end UST yield curve dropped significantly between 12bps to 15bps reflecting the hawkish tone of the Fed. In the EU, the return of demand for safe-haven assets follo...