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...

Rating actionMARC Ratings has upgraded Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah programme rating to AAIS from AA-IS. Concurrently, the rating agency has revised the rating outlook to stable from positive.RationaleThe rating upgrade is premised on Northport’s sustained strong profitability metrics, resulting in strong cash flow from operations (CFO) interest and debt coverage r...

Rating action    MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook.Rationale   ACSB was set up as a funding vehicle to facilitate the subscription of its sister company Peninsular Medical Sdn Bhd’s (PMSB) Redeemable Convertible Preference Shares (RCPS...

Rating action MARC Ratings has affirmed its AAIS rating on ANIH Berhad's RM2.5 billion Senior Sukuk Musharakah Programme, with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032. RationaleThe rating reflects the importance of KL-Karak and ECE1 as essential transportation links to the east coast of M...

Rating actionMARC Ratings has affirmed its AAAIS 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 current outstanding of RM50 million BaIDS is payable on December 2, 2022.Rationale The rating affirmation factors in a three-notch rating uplift for parental support from Putrajaya Ho...

Rating actionMARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook. The outstanding currently stands at RM240 million.  Rationale     The rating reflects MARC Ratings’ assessment of a very high likelihood of support for Trans Thailand-Malaysia (TTM), a strategically important project involving ...

Rating action     MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.72 billion Sukuk Murabahah. The rating outlook is stable.     Rationale     The rating affirmation is underpinned by JEP’s predictable cash flows from its 2x1,000-megawatt (MW) ultra-supercritical coal plant under a 25-year power purchase...

Rating action     MARC Ratings has assigned a final rating of AAAIS to Amanat Lebuhraya Rakyat Berhad’s (ALR) sukuk programme of up to RM5.5 billion. The rating outlook is stable.     Rationale     The assigned rating reflects the strength and the proven revenue-generating capacity of ALR’s portfolio of matured highways in the Klang Valley, the heal...