Press Releases MARC WITHDRAWS RATING ON MALAKOFF POWER BERHAD’S MURABAHAH SECURITIES FACILITY FOLLOWING DEBT REFINANCING

Friday, Dec 20, 2013

MARC has withdrawn its AA-IS  rating on Malakoff Power Berhad's (MPower) RM5.6 billion Murabahah Securities Facility upon full early redemption. The outstanding obligations under the Murabahah Securities Facility were fully refinanced with a new issuance of RM5.38 billion Sukuk Murabahah on December 17, 2013.

Going forward, MARC’s rating surveillance on MPower will be limited to the Sukuk Murabahah and the existing Islamic Commercial Papers Programme which are rated AA-IS and MARC-1IS respectively; the outlook for the ratings is stable.

Wholly-owned by Malakoff Corporation Berhad (Malakoff), MPower is the operator of five independent power plants, one of which is under construction. Malakoff is the leading developer of independent power plants in Malaysia with interests in a total of 5,020 megawatts of generating capacity comprising six power stations which are in operation.

Contacts:
Koh Shu Yunn, +603-2082 2243/
shuyunn@marc.com.my;
Ng Chun Kean, +603-2082 2230/
chunkean@marc.com.my;
David Lee, +603-2082 2255/
david@marc.com.my.