MARC has assigned a final rating of AAAIS to TNB Northern Energy Berhad's (TNB Northern Energy) issuance of Islamic securities (sukuk) of up to RM2.0 billion with a stable outlook.

Upon review of the final documentation of the forthcoming sukuk issuance, MARC is satisfied that the terms and conditions of the sukuk have not changed in any material way from the draft documents on which the earlier preliminary rating of AAAIS was based.

Full details on the assigned rating have been provided in TNB Northern Energy’s preliminary rating announcement on April 15, 2013. The full Credit Analysis Report will be made available on MARC’s website, www.marc.com.my.

Contacts:
Koh Shu Yunn, +603-2082 2243/ shuyunn@marc.com.my;
David Lee, +603-2082 2255/ david@marc.com.my.