Rating action         MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating at AAIS with a stable outlook.RationaleBEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In November 2015, it won the Terengganu state government’s contrac...

Rating actionMARC Ratings has affirmed its rating of AAAIS  on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah programme of up to RM10.0 billion with a stable outlook. As at end-November 2022, the outstanding amount under the programme stood at RM1.5 billion.RationaleMARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah programme of up to ...

Rating actionMARC Ratings has affirmed its AA-IS rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. The outstanding under the rated programme stood at RM330.0 million as of November 30, 2022. RationaleCerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway. The rating reflects the resilient traffic ...

Rating actionMARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 issued under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Any further drawdown under the programme will require a re-assessment of the ratings. As of date, th...

Rating actionMARC Ratings has affirmed its rating of AA-IS on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook.RationaleMMC Port is an investment holding company of port operators whose strong competitive advantage in transhipment services in the region and trade gateways domestically as well as long operating track record remain key rating drivers. Poten...

Rating actionMARC Ratings has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. As at end-October 2022, the outstanding amount stood at RM1.15 billion.  Rationale CNSB provides network telecommunications services to Celcom Axiata Berhad (Celcom) group. In assessing CNSB, we have considered the overall credi...

Rating action     MARC Ratings has removed UiTM Solar Power Sdn Bhd’s rating from MARCWatch Negative placement and concurrently lowered the rating to A+IS from the AA-IS prior to the MARCWatch placement. The rating outlook is negative. The current outstanding is RM192.3 million Green Sustainable and Responsible Investment (SRI) Sukuk. Rationale  The rating removal from M...

Rating ActionMARC Ratings has assigned a rating of AAAIS(s) to Projek Lebuhraya Usahasama Berhad’s (PLUS) proposed Islamic Medium-Term Notes Programme of up to RM25.2 billion (IMTN). Concurrently, the rating agency has also affirmed its AAAIS rating on PLUS’ outstanding RM17.2 billion under the Sukuk Musharakah Programme (Sukuk Musharakah). All ratings carry a stable outlook. Of the propo...

Rating action        MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM180.0 million Sukuk Wakalah with a stable outlook.Rationale The rating affirmation reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower)(AA-IS/Stable), which has provided an unconditional and irrevocable undertaking t...

Rating actionMARC Ratings has affirmed its AA-IS  rating on Malakoff Power Berhad’s (MPower) outstanding RM2.43 billion Sukuk Murabahah. The rating outlook is stable. RationaleWholly owned by Malakoff Corporation Berhad (Malakoff), MPower is the operations and maintenance (O&M) operator of independent power producers (IPPs) which are held through companies that are majority-owned b...