Rating action          MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding RM485.0 million Sukuk Programme with a stable outlook. Rationale KPSB’s 285MW combined-cycle gas plant has continued to perform in line with our expectations, meeting all stipulated requirements under its 21-year power purchase agreement (PPA) w...

Rating action          MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. Rationale7-Eleven Holdings’ established market position, strong financial performance and long operating track record in the convenience store segment remain key rat...

Rating action      MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM775.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu.     Rationale ...

Rating action                  MARC Ratings has affirmed its rating on Ranhill Powertron II Sdn Bhd’s (RPII) outstanding RM350.0 million Islamic Medium-Term Notes (IMTN) programme guaranteed by Bank Pembangunan Malaysia Berhad (BPMB) at AAAIS(bg). The rating outlook is stable.RationaleThe affirmation reflects the unconditional and irrevocabl...

Summary          Global Bond Markets          Global government bonds saw risk-off rallies in March amid the banking sector turmoil in the US and Europe. As a result, bond yields mostly declined across the curve. Going forward, major central banks are likely to continue focusing on striking a balance between containing elevated inflation on th...

Rating action           MARC Ratings has downgraded its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk programme to AIS and A-IS from A+IS and AIS. The outstanding under the Sukuk Wakalah and Perpetual Sukuk programme currently stands at RM1.5 billion and RM648.0 mi...

Rating action     MARC Ratings has assigned ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes and Commercial Papers programmes with a stable outlook. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guaran...

Rating action     MARC Ratings has affirmed its rating of AA-IS on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. The outstanding under the rated programme stood at RM200.0 million as of March 30, 2023.     Rationale     Farm Fresh re...

Rating action     MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The outlook on both ratings is stable. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated...

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...