MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) but revised the outlook to negative from stable. The affirmed rating incorporates a two-notch uplift from KEV’s standalone rating of AA- based on MARC’s continued assessment of a high probability of parental support from KEV’s majority shareholder, Tenaga Nasional Berhad (TN...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The affirmed rating is underpinned by the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with the offtaker, Sabah Electricity Sdn Bhd (SESB), under which demand risk is transferred to the offtaker. SESB is an 83%-owned subsidiary of Tenaga...

MARC has affirmed its AAA rating on Special Port Vehicle Berhad’s (SPVB) asset-backed serial bonds facility. The outlook remains negative. The affirmed rating takes into account the timely track record of payment of deferred repayment obligations from Port Klang Authority (PKA) to SPVB under the Sale and Purchase Agreement (SPA). The SPA dated November 2002 between Kuala Dimensi Sdn Bhd (...

MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. Tanjung Bin O&M is the operations and maintenance (O&M) provider of the 2,100-megawatt (MW) coal-fired power plant owned by related company Tanjung Bin Power Sdn Bhd (TBP) under the O&M agreement (OMA). Tanjung Bin O&M...

MARC has affirmed the AAAID rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The rating action affects the outstanding RM810.0 million sukuk issued under CMBS 2005-1. The key rating factor is CMBS 2005-1’s strong credit enhancement level of 217.5% as of September 30, 2015 (Quarter 42) on the back of...

MARC has affirmed the rating of AAAIS on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The current outstanding under the sukuk issuance is RM1,255.0 million. The key factors supporting the rating affirmation are CMBS 2007-1-i’s robust credit enhancement level, the low payment risk on the pool of governme...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. In affirming the rating, the rating agency has considered the potential migration of container traffic volume by one of Westports’ major clients, CMA CGM SA (CMA CGM), to Pasir Panjang Terminal in Singapore. CMA CGM, which contributed 3.31 millio...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. TNB Northern Energy was established to finance and develop a 1,071.43-megawatt combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang, under a 21-year power purchase agreement (PPA) with offtaker Tenaga Nasional Berhad (TNB)...

MARC has affirmed its AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) issuance of RM210.0 million Sukuk Murabahah. The outlook on the rating is stable. Grand Sepadu is the concessionaire of the New North Klang Straits Bypass (NNKSB) expressway until 2032. The 17.5km expressway has four toll plazas namely Kapar, Kapar Westbound, Kapar Eastbound and Bukit Raja. Grand Sepadu is indirect...

MARC has affirmed its rating of BBB-IS on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. The rating incorporates the improving traffic volume on the expressway and the accommodative payment structure under the programme which provides SDEB with headroom to improve its cash flow coverages. Under the Rest...