Rating action    MARC has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. Rationale     The affirmed rating continues to factor in PPSB’s strength as the operator of Penang Port, a key trade gateway port in northern Malaysia, in generating steady cash flow ...

Rating action     MARC has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s (SHC Capital) RM80.0 million sukuk issued under its RM200 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The rating outlook is stable. There are no expectations of further drawdowns in the medium term. Any further drawdowns will require a re-assessment from MARC.Rationale     ...

Rating action     MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating at AAA and the sukuk rating on TNB’s outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Islamic Financing Bonds (sukuk) at AAAIS. The rating carry a stable outlook. The sukuk matures on December 13, 2021. Rationale     The affirmed ratings are driven by TNB’s credit strength ste...

Rating action     MARC has affirmed its rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah at AA-IS with a stable outlook. Rationale     The rating incorporates the adequately structured sukuk repayment profile that accommodates the traffic ramp-up of the 32-km Setiawangsa-Pantai Expressway (SPE) that DUKE 3 is c...

Rating action     MARC has affirmed its 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) at AA-IS and A-. The ratings outlook has been revised to negative from stable. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflec...

Rating action     MARC has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM255.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with solar power projects in Kuala Muda, Kedah. The solar power plants have a combine...

Rating action     MARC has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme subject to a combined limit of RM500.0 million. The ratings outlook is stable. Rationale     The ratings reflect George Kent’...

Rating action     MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook.Rationale     The rating reflects MARC’s assessment of a very high likelihood of support for Trans Thailand-Malaysia (TTM), a strategically important project involving two governments through project sponsors, Petroliam Nasion...

Rating action     MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding of RM50 million BaIDS is payable on December 2, 2022.Rationale     GDC Putrajaya’s standalone credit profile is strong. Business risk ...

Rating action      MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook.Rationale     BEWG, 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 2015, it secured the Terengganu state government’s co...