MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM140.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and RM350.0 million outstanding guaranteed IMTN at AAAIS(fg). The outlook on the ratings is stable. RPII owns and operates the 190-MW combined cycle gas turbine (CCGT) Rugading Power Station in Sabah under a 21-year Power Purchase Agreement (PPA) with S...

MARC has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM). The long-term rating of CCBM is notched down from its parent China Construction Bank Corporation’s (CCB) public information rating of AAA from MARC. The outlook on all ratings is stable. CCB’s rating reflects its majority-owned status by the Chinese g...

Selangor is the biggest contributor to national gross domestic product (GDP). In comparison with other states in Malaysia, Selangor’s real GDP grew at the fastest pace – at 6.8% – in 2018. The state’s superior economic growth was underpinned by a sustained expansion in key sectors, namely services (7.6%), construction (6.6%) and manufacturing (6.3%).During the year, the state posted the se...

MARC affirms the AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. KPSB owns and operates the 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay, Sabah. The rating affirmation factors in the favourable terms of KPSB’s 21-year power purchase agreement (PPA) under which the demand risk is allocated to the offtake...

MARC has affirmed its A+IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM1.0 billion. The rating outlook has been revised to positive from stable.  Among the factors considered in revising the outlook is the financial service cover ratio (FSCR), following the full commencement of operations of ...

Global Markets     The 1Q2020 US real GDP expanded at its slowest pace since the GFC by 0.5% as the COVID-19 outbreak took a toll on the economy. Last month, the US recorded the largest number of COVID-19-related cases and deaths in the world. In Europe, PMI for the manufacturing sector slumped to more than a decade low as non-essential businesses were either shuttered or face...

MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting highway to Pasir Gudang.The rating considers the accommodative am...

MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The rating affects the final tranche of sukuk under CMBS 2005-1 amounting to RM400.0 million. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of convention...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. CMBS 2005-2 is backed by a pool of g...

MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. CMBS 200...