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 rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.      Rationale     The rating affirmation incorporates Sunsuria’s development approach through joint ventures, its low net leverage and strong liquidity position. The rating also factors in t...

Malaysian Government Bond Market          In August, total MGS/GII outstanding expanded to RM965.7 billion (July: RM958.8 billion) amid lower redemptions (August: RM8.6 billion; July: RM19.0 billion). The increase in the outstanding amount was driven by stronger MGS issuances valued at RM10.0 billion (July: RM5.0 billion). As GII issuances had come in at RM5.5 billion...

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 affirmed its ratings of A+IS and A-IS on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. The two-notch rating differential between both issuances reflects the latter’s subordination to the senior sukuk, in line with MARC Ratings’ notching principles on hybrid securitie...