MARC has assigned a final rating of AA-_IS to Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion (sukuk). The outlook on the rating is stable.

Upon review of the final documentation of the proposed issuance, MARC is satisfied that the terms and conditions of the sukuk have not changed in any material way from the draft documentation on which the earlier preliminary rating of AA-_IS/Stable was based.

Full details on the assigned rating have been provided in Southern Power’s preliminary rating announcement on September 21, 2017. The Credit Analysis Report is available on MARC’s website at www.marconline.com.my.

Contacts:
Adib Asilah, +603-2717 2943/ asilah@marc.com.my;
David Lee, +603-2717 2955/ david@marc.com.my.