MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes:• RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS;• RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; and• RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme        (due 2033) at AAAIS.The outlook for all ratings is stable...

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.PBSB was established as a funding vehicle for its parent Putrajaya Holdings Sdn Bhd (PJH) (AAA/Stable) to undertake the development of nine blocks of government office buildings and one block of shared facilities in Parcel F, Preci...

MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on Malaysia, based on its national rating scale.  The AAA rating reflects several credit strengths, including a competitive and well diversified economy. It was, for example, positioned relatively high at number 27 in the 2019 edition of the World Economic Forum’s Global Competitiveness Index 4.0 rankin...

MARC has assigned a rating of AA-IS to Leader Energy Sdn Bhd’s (Leader Energy) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM260.0 million. The outlook on the rating is stable.Leader Energy owns two solar power projects in Kuala Muda, Kedah, namely Leader Solar Energy Sdn Bhd (LSE I; 29.0MWac) and Leader Solar Energy II Sdn Bhd (LSE II; 20.0MWac) with...

MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB), as well as its rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The outlook on the ratings is stable.The affirmed FI ratings reflect IsDB’s preferred creditor status as a multilateral development bank (MDB)...

MARC has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million. The rating outlook is stable.SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd, which holds an 80% interest in Ranhill SAJ Sdn Bhd (RSAJ), the sole water treatment operator and treated water distributor in Johor. SAJ Capital functions only as a single-purpose funding conduit for the sukuk iss...

MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power is a 51:49 joint venture between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd (SIPP), and was established to develop a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang.The rating affirmation reflects the steady c...

MARC has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme.The affirmed rating incorporates BDB’s status as a Kedah state-owned entity that has benefitted from state support in securing contracts for its road building division and facilitating land acquisition for its property division. The rating is constraine...

Global Markets     In the US, the unemployment rate hit an all-time high of 14.7% in April and moderated to 13.3% in May. The contraction in the manufacturing PMI remains severe for the second consecutive month in May amid weak demand and poor economic sentiment. In Europe, the German Constitutional Court struck a blow to ECB by declaring the massive PEPP as ultra vires and cited ne...

MARC has assigned a final rating of AA-IS to port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) proposed RM1.9 billion Islamic Medium Term Notes (Sukuk Murabahah Programme). The rating outlook is stable. The rating reflects PTP’s strong market position as a key transhipment port in the region, its ability to generate strong cash flow and maintain healthy port performance that has con...