Rating action          MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook.RationaleThe rating reflects the credit strength of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work completed by KAJV for th...

Rating action     MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable.Rationale     Yinson’s established track record in providing floating, production, storage and offloading vessels (FPSOs) for the oil and gas industry, its strong earnings visibility from siz...

Rating action          MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. RationaleThe affirmed rating remains driven by TNB’s status as the principal electricity utility in Malaysia with a monopoly on electricity transmission in Peninsular Malaysia and Sabah, as well as its significant electricity d...

Rating action          MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding RM485.0 million Sukuk Programme with a stable outlook. Rationale KPSB’s 285MW combined-cycle gas plant has continued to perform in line with our expectations, meeting all stipulated requirements under its 21-year power purchase agreement (PPA) w...

Rating action      MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM775.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu.     Rationale ...

Rating action                  MARC Ratings has affirmed its rating on Ranhill Powertron II Sdn Bhd’s (RPII) outstanding RM350.0 million Islamic Medium-Term Notes (IMTN) programme guaranteed by Bank Pembangunan Malaysia Berhad (BPMB) at AAAIS(bg). The rating outlook is stable.RationaleThe affirmation reflects the unconditional and irrevocabl...

Rating action     MARC Ratings has affirmed its AA-IS and A- 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). The outlook on both ratings is stable. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated...

Rating action          MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM200.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The outlook on the rating is stable. RationaleThe performance of Sinar Kamiri’s 49MWac solar power plant remained within expectations in 2022. Electricity generation was margi...

Rating action            MARC Ratings has assigned ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes with a stable outlook. RationaleThe assigned ratings are primarily driven by the strength of Alam Flora’s long-term concession agreement (CA) with the Governme...

Rating action          MARC Ratings has upgraded port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) RM2.15 billion Islamic Medium-Term Notes (Sukuk Murabahah Programme) rating to AAIS from AA-IS. The rating outlook is stable. The outstanding under the rated programme stood at RM2.1 billion as at March 13, 2023.RationaleThe rating upgrade is premised on PTP’s ...