Rating action     MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM580.0 million Sukuk Ijarah. Concurrently, the outlook has been revised to stable from negative. KEV owns and operates the Kapar Power Station (KPS), which consists of three generating facilities (GF) with a combined nominal capacity of 2,200MW.     Rat...

Rating action     MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar Dua) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM97.0 million with a stable outlook.Rationale     The rating affirmation is mainly premised on the strength of the 21-year power purchase agreement (PPA) between UiTM Solar Dua and Te...

Rating action     MARC Ratings has assigned ratings of MARC-1IS /AA-IS to port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined aggregate limit of RM1.0 billion. The long-term rating carries a stable outlook. The company operates Johor Port, a gateway port in Pasir Gudang, under a concession...

Rating action     MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding Sukuk Wakalah of RM3.6 billion with a stable outlook.Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang which achieved commercial operations dates (COD) on January 1, 2021 (Unit 1) and February 19, 2021 (Unit 2). It is 70%...

Rating action     MARC Ratings has assigned a final rating of AA+IS to edotco Malaysia Sdn Bhd’s proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook.Rationale     The assigned rating is primarily driven by edotco Malaysia’s solid market position in the domestic telecommunication (telco) tower industry...

Rating action     MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s (SHC Capital) RM80.0 million sukuk issued under its RM200 million Islamic Medium-Term Notes Programme (Sukuk Wakalah), with a stable outlook. There is no further drawdowns expected in the medium term. Any further drawdowns will require a re-assessment from MARC Ratings.Rationale    &nbs...

Rating action     MARC Ratings has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook.Rationale     The rating affirmation incorporates PPSB’s strength as the operator of Penang Port, a key trade gateway port in northern Peninsular Malaysia, and its cash flow genera...

Rating action     MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM245.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with large-scale solar projects in Kuala Muda, Kedah. The solar power pl...

Rating action     MARC Ratings has affirmed its rating of AA-IS on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook. Total outstanding under the sukuk as at end-May 2022 is RM520 million.Rationale     SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd. The latter holds an 80% interest in Ranhill SAJ Sdn Bhd, the exclusive provid...

Rating action     MARC Ratings 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. There is no outstanding amount under the programme as at end-July 2022.Rationale     The rating reflects MHB’s conservative balance sheet and strong liquidity position as well a...