Rating action     MARC Ratings has assigned a rating of AAAIS to TNB Power Generation Sdn Bhd’s (TPGSB) proposed sukuk programme of up to RM10.0 billion. The rating carries a stable outlook.Rationale     TPGSB is a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB) (AAA/Stable) and was incorporated as part of the TNB group’s transformation plan that includes ...

Rating actionMARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s RM245.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah with a stable outlook. As at end-March 2022, the outstanding sukuk stood at RM215.0 million.RationaleThe rating is primarily driven by Sinar Kamiri’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under whic...

Rating action     MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) Sukuk Wakalah Programme of up to RM1.0 billion, with a stable outlook.Rationale     The affirmed rating reflects the credit strength of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work compl...

Rating action     MARC Ratings has affirmed its AA-IS rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme). The rating outlook has been revised to positive from stable.Rationale     The outlook revision factors in PTP’s steadily improving credit profile, reflected by stronger cash flow generation t...

Rating action     MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. The total outstanding sukuk stood at RM855.0 million as at end-January 2022. Rationale     The rating affirmation reflects the strength of the p...

Rating action     MARC Ratings has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion. The rating outlook is stable. The rating on PLSUKE’s Danajamin-guaranteed Facilities of up to RM500.0 million has also been affirmed at AAAIS(fg)/stable rating on based on long-term counterparty credit rati...

Rating action     MARC Ratings has assigned a rating of AA-IS on MMC Port Holdings Sdn Bhd’s (MMC Port) proposed RM1.0 billion Sukuk Murabahah Programme. The rating carries a stable outlook.Rationale     The rating is driven by MMC Port’s very strong competitive position among transhipment port operators regionally and among gateway port operators domestically, as...

Rating action     MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating at AAIS with a stable outlook. BEWG is a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL) and was set up to undertake water and sewerage projects in Malaysia.Rationale     The rating incorporates the credit strength of the Tere...

Rating action     MARC has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.82 billion Sukuk Murabahah. The rating outlook is stable. Rationale     The affirmed rating incorporates JEP’s predictable cash flows from its 2x1,000-megawatt (MW) ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga N...

Rating action     MARC has affirmed its AA-IS  rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway.Rationale     The rating is premised on Cerah Sama’s resilient cash flows and stable revenue base, underpinned by ...