Rating action          MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM200.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The outlook on the rating is stable. RationaleThe performance of Sinar Kamiri’s 49MWac solar power plant remained within expectations in 2022. Electricity generation was margi...

Rating action            MARC Ratings has assigned ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes with a stable outlook. RationaleThe assigned ratings are primarily driven by the strength of Alam Flora’s long-term concession agreement (CA) with the Governme...

Rating action          MARC Ratings has upgraded port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) RM2.15 billion Islamic Medium-Term Notes (Sukuk Murabahah Programme) rating to AAIS from AA-IS. The rating outlook is stable. The outstanding under the rated programme stood at RM2.1 billion as at March 13, 2023.RationaleThe rating upgrade is premised on PTP’s ...

Rating action         MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating at AAIS with a stable outlook.RationaleBEWG, 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 November 2015, it won the Terengganu state government’s contrac...

Rating actionMARC Ratings has affirmed its rating of AAAIS  on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah programme of up to RM10.0 billion with a stable outlook. As at end-November 2022, the outstanding amount under the programme stood at RM1.5 billion.RationaleMARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah programme of up to ...

Rating actionMARC Ratings has affirmed its AA-IS rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. The outstanding under the rated programme stood at RM330.0 million as of November 30, 2022. RationaleCerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway. The rating reflects the resilient traffic ...

Rating actionMARC Ratings has affirmed its ratings of MARC-1IS /AAIS 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. As of date, th...

Rating actionMARC Ratings has affirmed its rating of AA-IS on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook.RationaleMMC Port is an investment holding company of port operators whose strong competitive advantage in transhipment services in the region and trade gateways domestically as well as long operating track record remain key rating drivers. Poten...

Rating actionMARC Ratings has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. As at end-October 2022, the outstanding amount stood at RM1.15 billion.  Rationale CNSB provides network telecommunications services to Celcom Axiata Berhad (Celcom) group. In assessing CNSB, we have considered the overall credi...

Rating action     MARC Ratings has removed UiTM Solar Power Sdn Bhd’s rating from MARCWatch Negative placement and concurrently lowered the rating to A+IS from the AA-IS prior to the MARCWatch placement. The rating outlook is negative. The current outstanding is RM192.3 million Green Sustainable and Responsible Investment (SRI) Sukuk. Rationale  The rating removal from M...