Rating action          MARC Ratings has affirmed its rating of AA-IS  on TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium-Term Notes (IMTN) Programme with a stable outlook. The total outstanding stood at RM90 million as at end-March 2023, with the maturity date on June 16, 2023.The rating assessment on TSH Sukuk Murabahah is based on the strength of its paren...

Summary          Global Bond MarketsGlobal government bonds traded mixed in April. The UST yields largely declined on rising anticipation that the Fed’s rate hike cycle may end soon as inflation continued to moderate. Meanwhile in Europe, the longer-tenure 30-year bund yield rose as the market expected higher interest rate for longer to contain the elevated inflatio...

Rating action     MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable.Rationale     Yinson’s established track record in providing floating, production, storage and offloading vessels (FPSOs) for the oil and gas industry, its strong earnings visibility from siz...

Rating action          MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. RationaleThe affirmed rating remains driven by TNB’s status as the principal electricity utility in Malaysia with a monopoly on electricity transmission in Peninsular Malaysia and Sabah, as well as its significant electricity d...

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...