MARC has assigned a final rating of AAAIS to TNB Western Energy Berhad's (TNB Western Energy) sukuk issuance of up to RM4.0 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 Western Energy’s preliminary rating announcement on December 12, 2013. The full Credit Analysis Report will be made available on MARC’s website, www.marc.com.my.

Contacts:
Tan Eng Keat, +603-2082 2265/ engkeat@marc.com.my;
David Lee, +603-2082 2255/ david@marc.com.my.