Credit Analysis Reports - Category: Infrastructure & Utilities
Displaying 61-70 of 501 results.
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MARC has affirmed its A+IS rating on toll concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The outlook on the rating remains developing. To date, the proposed takeover of the four highway concession assets under Gamuda Berhad including SPRINT is still unresolved. The cut-off date to negotiate and finalise the terms of the d...


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MARC has affirmed its MARC-1IS /AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion with a stable outlook. There is currently no outstanding amount under the rated programme. The ratings reflect PDB’s strong financial metrics, characterised by its strong liquidity and conservative capital ...


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MARC has affirmed its AA-IS  rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk, with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway. The rating affirmation is premised on the company’s resilient cash flows and stable revenue base, underpinned by steady traffic performance on the mature C...


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MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook. MPower is the operations and maintenance (O&M) operator of its parent company Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic power plants. As at end-December 2019, the sukuk has an outstanding amount of RM3.34 billion. The rating reflects the co...


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MARC has affirmed Tenaga Nasional Berhad (TNB)’s issuer rating at AAA and the sukuk rating on TNB’s RM2.0 billion Al-Bai’ Bithaman Ajil Bonds at AAAIS with a stable outlook. The ratings continue to incorporate a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect MARC's assessment of a high likelihood of government support premised on TNB’s strateg...


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MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The outlook on the ratings is stable. The rated programmes have a combined limit of RM1.5 billion and the outstanding under the programmes was RM450 million as at end-December 2019. The ratings primarily reflect ...


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MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. Currently, the sukuk programme has no outstanding amount. The rating incorporates a one-notch rating uplift based on MARC’s expectation of continued business support from its ultimate parent, Petroliam Nasional Berhad (PETRONAS). MHB...


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MARC has affirmed its ratings of AA-IS and A- 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 three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk with regard to security ranking and payment...


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MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook.CNSB, a wholly-owned subsidiary of Celcom Axiata Berhad (Celcom), provides network telecommunication services to its parent. In assessing CNSB’s rating, MARC considers the overall credit profile of the Celcom group given the financial and operational linkages wit...


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MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding vehicle of TNB Manjung Five Sdn Bhd, a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB), which was awarded a 25-year power purchase agreement (PPA) in 2013. The rating and outlook of TNB Western Energy are equalised with TNB’s corp...


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