Rating action     MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook.TNB Western is the funding vehicle of TNB Manjung Five Sdn Bhd, a 100% indirect-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five operates and maintains a 1,000MW ultra-supercritical coal-fired power plant in Ma...

Rating action    MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM690.0 million Sukuk Ijarah with a negative outlook. KEV owns and operates the Kapar Power Station (KPS), which consists of three generating facilities with a combined nominal capacity of 2,200MW.Rationale    The affirmed rating benefits from a two-notch support...

Rating action     MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding sukuk of RM1.35 billion with a stable outlook. Rationale     The rating is equalised to Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable from MARC. The rating equalisation is based on our view on the strength of the financial com...

Rating action     MARC has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar 2) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM100.0 million. The rating outlook is stable.Rationale     In affirming the rating, we considered UiTM Solar 2’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under...

Rating action     MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. There is no outstanding under the programme. Rationale     The rating is mainly driven by MHB’s conservative balance sheet and strong liquidity position as well as  strong com...

Rating action     MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM202.3 million. The outlook is stable. Rationale     The rating affirmation continues to reflect the strength of UiTM Solar’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad...

Rating action     MARC has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s (SAJ Capital) Sukuk Murabahah of up to RM650.0 million with a stable outlook. Total outstanding under the sukuk as at end-June 2021 is RM570 million.Rationale     SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd. The latter holds an 80% interest in Ranhill SAJ Sdn Bhd, the exclusive pr...

Rating action     MARC has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook.Rationale     The rating affirmation reflects the credit strength of the Terengganu State Government to meet its payment obligations due on the Facility Payment Certificates (FPC) issued for work done by KAJV for the Ku...

Rating action     MARC has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) rating for its RM210 million Sukuk Murabahah Issuance at AA-IS with a stable outlook.Rationale     The affirmation reflects Grand Sepadu’s adequate cash flow coverage, underpinned by the relatively stable traffic performance of the New North Klang Straits Bypass (NNKSB). The rating also...

Rating action     MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power was established to develop a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang. It is 70% directly and indirectly owned by Tenaga Nasional Berhad (TNB) while the remaining is held by SIPP ...