Rating action     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 current outstanding of RM50 million BaIDS is payable on December 2, 2022.Rationale     GDC Putrajaya’s standalone credit profile is strong. Business risk ...

Rationale     MARC has affirmed its foreign currency sovereign rating of AAA/stable on the State of Kuwait (Kuwait), based on its national rating scale.  The rating reflects Kuwait’s significant fiscal and external buffers. Meanwhile, its heavy reliance on oil, as well as weak governance and institutions, are credit concerns. Kuwait faces rising fiscal and economic pressure d...

Rating action     MARC has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.Rationale          The affirmed rating is primarily driven by Sunsuria’s healthy profit margin, net low leverage and strong liquidity position. These factors have placed the group in a better position rela...

Global Markets          UST yields rose in August amid nervous sentiment ahead of the Fed’s Jackson Hole annual symposium. The sell-off was also spurred by the gradual reopening of developed economies despite the rapid spread of the COVID-19 Delta variant. The 10y UST yield was 6bps higher at 1.30% (Jul: 1.24%). Sovereign yields in the euro zone were also higher ami...

Rating action      MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook.Rationale     BEWG, a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In 2015, it secured the Terengganu state government’s co...

Rating action     MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook.TNB Western is the funding vehicle of TNB Manjung Five Sdn Bhd, a 100% indirect-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five operates and maintains a 1,000MW ultra-supercritical coal-fired power plant in Ma...

Rating action     MARC has affirmed its AAAIS(fg)  rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on the credit strength of Danajamin Nasional Berhad (Danajamin) which has provided an unconditional and irrevocable financial guarantee insurance on the programme. MARC ma...

Rating action    MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM690.0 million Sukuk Ijarah with a negative outlook. KEV owns and operates the Kapar Power Station (KPS), which consists of three generating facilities with a combined nominal capacity of 2,200MW.Rationale    The affirmed rating benefits from a two-notch support...

Rating action     MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes:RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAIS;RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS;RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; andRM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Program...

Rating action     MARC has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable.Rationale         The affirmed rating is mainly driven by the steady and sizable payment stream in the form of availability charges (AC) from the Malaysian government, ...