Credit Analysis Reports - Category: Infrastructure & Utilities
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Rating action     MARC has downgraded its ratings on MEX II Sdn Bhd’s RM1.3 billion Sukuk Murabahah Programme to BBIS from BBBIS, and RM150.0 million Junior Bonds to B from BB. The ratings remain on MARCWatch Negative.The rating of the Junior Bonds is three notches below the Sukuk Murabahah Programme’s rating, reflecting MARC’s notching policy on subordinated instruments in th...


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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.The rating affirmation is premised on the company’s (1) resilient cash flows and stable revenue base (underpinned by steady traffic performance on the mature Cher...


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MARC has affirmed its AAIS rating on ANIH Berhad's RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032.The affirmed rating reflects ANIH’s healthy cash flow generation and adequate debt coverage, underpinned by stable traffic performance of KL-Karak and EC...


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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 with a stable outlook.The affirmed ratings incorporate a two-notch rating uplift based on MARC's assessment of a high likelihood of government support given its critical role as the country’s principal e...


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MARC has affirmed its rating of AA-IS to Leader Energy Sdn Bhd’s (Leader Energy) ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM260.0 million. The rating outlook is stable.The affirmed rating reflects MARC’s assessment that Leader Energy’s two solar power projects with a combined capacity of 49MWac would generate steady cash flow to meet its financial oblig...


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MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme, concurrently removing the rating from MARCWatch Developing where it had been placed since January 24, 2020. The rating outlook is stable. The placement on MARCWatch developing was prompted by the uncertainties stemming from the government’s announcement to reduce PLUS...


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MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. CNSB provides network telecommunications (telco) services to Celcom Axiata Berhad (Celcom) group. In assessing CNSB, MARC’s approach is to consider the overall credit profile of Celcom, premised on strong financial and operational linkages of entities withi...


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MARC has assigned a rating of AA-IS to special-purpose vehicle SHC Capital Sdn Bhd’s (SHC Capital) RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah). The rating outlook is stable. There are no expectations of further drawdown in the medium term. Any further drawdown, however, will require a re-assessment on the rating. SHC Capital is a 100%-owned subs...


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MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook. As at end-June 2020, the amount outstanding under the rated programme was RM3.34 billion.MPower is the operations and maintenance (O&M) operator of its parent company Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic independent power producers (IPP). T...


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MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The outlook on the ratings is stable.The ratings affirmation is mainly driven by Northport’s established position in providing container and conventional cargo handling services through North Port and Southpoint in ...


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