MARC has affirmed its A+IS and MARC-2ID/A+ID ratings on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes (Sukuk Ijarah MTN) and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCP/MMTN) facilities. The ratings carry a stable outlook. The affirmed ratings reflect Alam Maritim’s established and leading position in the domestic offsh...

MARC has affirmed its A+ID and AA-(bg) ratings on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM510 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM365 million Bank Guaranteed Serial Fixed Rate Bonds (BG bonds) respectively. The outlook on the ratings is stable. SPRINT is the toll concessionaire and operator of the 25.5-kilometre interlinked tolled roads comprisin...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is a funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT), an equal joint venture between national oil companies of Malaysia and Thailand, namely Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (PTT) respectively. The sukuk was issued to fu...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AAA and Islamic debt rating of AAAID for the outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The outlook on the ratings is stable. The ratings continue to incorporate an uplift from TNB’s standalone credit strength to reflect the high likelihood of government support premised on the company’s critical ...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk issued under its RM750.0 million Sukuk Musharakah Programme with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concession holder of the 11.5-kilometre Cheras-Kajang Highway. Cerah Sama also acts as the investment vehicle of its major shareh...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS Berhad holds a portfolio of tolled expressways, of which the North-South Expressway (NSE) is its largest revenue source.The affirmed rating continues to incorporate a two-notch rating uplift from PLUS Berhad’s standalone rating...

MARC has assigned a rating of AAAIS to TNB Western Energy Berhad’s (TNB Western Energy) issuance of Islamic Sukuk (sukuk) of up to RM4.0 billion with a stable outlook. TNB Western Energy is a wholly-owned funding vehicle of TNB Manjung Five Sdn Bhd (TNB Manjung Five) which in turn is wholly owned by national utility company Tenaga Nasional Berhad (TNB). TNB Manjung Five is the project compan...

MARC has affirmed its ratings of MARC-1(fg)/AAA(fg) on property developer Riverson Corporation Sdn Bhd’s (Riverson) RM200 million CP/MTN programme with a stable outlook. The affirmed ratings and outlook are premised on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) for the programme. Danajamin carries a financial insurer rating of AAA ...

MARC has affirmed its AAAID long-term 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 rating reflects the continued support of parent company Putrajaya Holdings Sdn Bhd (PJH) and ultimate holding company Petroliam Nasional Berhad (PETRONAS) which enables GDC Putrajaya to ...

MARC has assigned a rating of AA-IS to Malakoff Power Berhad’s (MPower) issuance of Sukuk Murabahah of up to RM5.4 billion. Concurrently, MARC has affirmed its short-term rating of MARC-1IS on MPower’s outstanding RM200 million Islamic commercial papers (ICP) due in April 2014 issued under its RM300.0 million ICP Programme. The ratings outlook is stable. Proceeds from the Sukuk Murabah...