MARC has withdrawn its AA-ID rating on Sunrise Berhad’s RM400 million Islamic Medium-Term Notes (IMTN) Programme. The rating withdrawal follows the final redemption of the outstanding RM100 million notes at the expiration of the IMTN Programme on July 25, 2016, as confirmed by the facility agent. Upon the withdrawal of the rating, MARC will no longer be providing analytical coverage on the ...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. In affirming the rating, the rating agency has considered the potential migration of container traffic volume by one of Westports’ major clients, CMA CGM SA (CMA CGM), to Pasir Panjang Terminal in Singapore. CMA CGM, which contributed 3.31 million...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. TNB Northern Energy was established to finance and develop a 1,071.43-megawatt combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang, under a 21-year power purchase agreement (PPA) with offtaker Tenaga Nasional Berhad (TNB)...

MARC has affirmed its AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) issuance of RM210.0 million Sukuk Murabahah. The outlook on the rating is stable. Grand Sepadu is the concessionaire of the New North Klang Straits Bypass (NNKSB) expressway until 2032. The 17.5km expressway has four toll plazas namely Kapar, Kapar Westbound, Kapar Eastbound and Bukit Raja. Grand Sepadu is indirect...

MARC has affirmed Indonesia’s foreign currency sovereign rating of AA- with a stable outlook based on MARC’s national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The rating also serves as a country ceiling for ringgit-denominated debt issued locally by issuers domiciled in Indonesia. Transfer and...

MARC has assigned a final rating of AAAIS to Islamic Development Bank’s (IsDB) proposed Sukuk Wakalah (Sukuk) issuance of up to RM400.0 million by Tadamun Services Berhad (Tadamun), a trust established by IsDB for the purpose of issuing the sukuk. The outlook on the rating is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of ...

MARC has affirmed its rating of BBB-IS on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. The rating incorporates the improving traffic volume on the expressway and the accommodative payment structure under the programme which provides SDEB with headroom to improve its cash flow coverages. Under the Rest...

MARC has assigned long-term and short-term financial institution (FI) ratings of AAA and MARC-1 respectively to the Islamic Development Bank (IsDB). The ratings are on the Malaysian national scale. Concurrently, the rating agency has assigned a preliminary rating of AAAIS to the proposed Sukuk Wakalah (Sukuk) issuance of up to RM400 million by Tadamun Services Berhad (Tadamun), a trust establishe...

MARC has withdrawn its rating of DID on Malaysian Merchant Marine Berhad’s (MMM) RM120.0 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating withdrawal follows the cancellation of the BaIDS programme on June 10, 2016, as confirmed by the facility agent. In MARC’s last rating action on April 2, 2010, the rating was downgraded to DID following MMM’s failure to mee...

MARC has assigned a rating of AA-IS to toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) proposed RM3.64 billion Sukuk Wakalah with a stable outlook. DUKE 3 was incorporated by Ekovest Berhad (Ekovest) to undertake the design, construction, financing, operations and maintenance of DUKE Phase 3 expressway under a concession agreement with the Malaysian government in January, 2016. The...