MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer and corporate debt ratings. Concurrently, the ratings have been placed on a Developing Outlook. The reaffirmation of the ratings reflects TNB’s strategic and important role to Malaysia’s economy and national security whilst retaining its dominant role in generation. Meanwhile, TNB’s monopolistic position in the tra...

MARC has affirmed the ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and Al-Murabahah Medium Term Notes (MTN) Issuance Programme at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively, reflecting its strong ownership structure; highly regulated industry; dominant position in the gas distribution business; efficient opera...

MARC has reaffirmed the AAAID long term rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is supported by the strength of the project which in turn draws its strength from the assured demand for the supply of chilled water coming from the Government offices i...

MARC has reaffirmed Dialog Group Berhad (“DIALOG”)’s corporate credit rating at AA- (Double A minus), supported by DIALOG’s commendable balance sheet and cash flow position resulting from the Group’s prudent financial policy as well as its strong competitive position and safety track record in the highly specialized oil, gas and petrochemical industries. The corpora...

The reaffirmation of Kuching Port Authority’s (KPA) Islamic debt securities at AAA(s) reflects the strength of the support provided by the State Government of Sarawak, through the Letter of Support, in ensuring the timely and full redemption of the RM180 million Al-Bai’ Bithaman Ajil Islamic debt Securities (BaIDS). Hence, the current rating of KPA reflects the credit strength of the...

The rating of MTD Prime Sdn Bhd’s (MTD Prime) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) has been upgraded to AAID. The enhancement in the rating is a reflection of the continuous traffic growth at the KL–Karak Highway (KLK) and the strength of the company’s financial profile underpinned by the strong revenue and pre-tax profit growth which are expected to be further ...

MARC has downgraded the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BB-ID with negative outlook. The downgrade is premised on the weak traffic volume at all the four tolls, which have been consistently and significantly below the initial traffic projections; the weak traffic forecasts (latest traffic ...

MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID. The rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rat...

MARC has assigned a rating of A+ID to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) proposed issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (“Sukuk”). The assigned rating reflects amongst others, Duta-Ulu Kelang Expressway’s (“DUKE” or the “Highway”) strategic alignment conne...

MARC has assigned a long term rating of AA-ID to Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (“SPRINT”) proposed RM510 million Al-Bai’ Bithaman Ajil Islamic Facility (“Restructured BaIDS”) to restructure the existing RM510 million Al-Bai Bithaman Ajil Islamic Debt Securities issued in August 2001 (“BaIDS 2001”). Concurrently, we have reaffirmed the...