MARC has affirmed the AAIS rating on toll road concessionaire ANIH Berhad's (ANIH) RM2.5 billion Senior Sukuk Musharakah Programme (Sukuk Programme) with a stable outlook. The affirmed rating continues to incorporate ANIH’s overall stable traffic performance of its matured toll road concessions, namely Kuala Lumpur-Karak Highway (KL-Karak), Phase 1 of the East Coast Expressway (ECE1) and the...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The rating incorporates the impending commencement of full commercial operations of KPSB’s 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay in Sabah and its long-term power purchase agreement (PPA) with a creditworthy utility, Sabah Electricit...

MARC has affirmed its rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme at AAAIS. Concurrently, the outlook on the rating has been revised to negative from stable. CNSB owns the core network assets of its parent Celcom Axiata Berhad (Celcom) and serves mainly as a network service provider to the Celcom group. The rating and outlook of CNSB are derived from the co...

MARC has affirmed its AAAIS(bg) and AAAIS(fg) ratings on Ranhill Group Sdn Bhd’s (Ranhill Group) RM300 million bank-guaranteed (Tranche 1) and RM500 million Danajamin-guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The outlook for the ratings is stable.The rating on the Tranche 1 sukuk reflects the credit strength of an unconditional and irrevocable guarantee provided by Maybank...

MARC has affirmed the ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM350 million guaranteed notes and RM360 million non-guaranteed notes issued under the RM710 million Islamic Medium-Term Notes (IMTN) Programme at AAAIS(fg) and AAIS  respectively. The outlook for both ratings is stable. RPII is a special purpose project company that operates the 190-megawatt combined-cycle gas turbine (...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) with a stable outlook. The affirmed rating incorporates a two-notch support uplift from KEV’s standalone credit profile to reflect MARC’s expectation of a very high probability of parental support from Tenaga Nasional Berhad (TNB) (rated AAA/Stable). The rating agency’s assessment...

MARC has affirmed its rating of AA-IS on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. The affirmed rating essentially reflects the reliance on the future cash flows from the operations and maintenance (O&M) services for the 2,100-megawatt (MW) coal-fired power plant owned by related entity Tanjung Bin Power S...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah Programme of up to RM2.0 billion with a stable outlook. The rating reflects Westports’ strong competitive position in transhipment services in the region, its strong operational track record and cash flow generation. The rating is, however, moderated by the group’s container throughput...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. The rating and outlook are equalised with those of the project sponsor, Tenaga Nasional Berhad (TNB), which has provided credit substitution in the form of explicit project completion support and rolling guarantees in favour of the sukukholde...

MARC has assigned a rating of BBB-IS to Senai-Desaru Expressway Berhad’s (SDEB) Islamic Medium-Term Notes (Restructured Sukuk) Programme of up to RM1.89 billion in nominal value with a stable outlook. The tenure of the Restructured Sukuk is at least 24 years and up to 39 years from the issuance date with the programme expiring before July 17, 2053. No proceeds will be raised under the Restructur...