MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. Tanjung Bin O&M is the main operator of the 2,100-megawatt (MW) coal-fired power plant owned by related entity Tanjung Bin Power Sdn Bhd (TBP). The issuer’s key operational obligations under the O&M agreement (OMA) with TBP have been transf...

MARC has withdrawn its ratings of MARC-1ID/AA-ID on WCT Holdings Berhad’s (WCT Holdings) RM300.0 million Islamic Commercial Paper/Medium-Term Notes (ICP/IMTN) Programme. The ICP/IMTN Programme matured on April 15, 2015 and was subsequently cancelled by the facility agent. MARC’s analytical coverage on WCT Holdings is now limited to the following rated debt issuances: • RM600.0 million ...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2005-2) of RM2,060.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,315.0 million issued under CMBS 2005-2. The affirmed rating reflects the robust credit enhancement level of 170.3% on CMBS 2005-2 based on an outstanding principal balance of no...

MARC has withdrawn its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) Sukuk Murabahah Programme (Sukuk) of up to RM8.4 billion with immediate effect. The rating had been suspended since March 6, 2015 pending information from the project sponsors in relation to the project timeline. As the grace period for providing the information has ended, MARC has withdrawn the rating and will no longer be ...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook. The rating action affects RM1,140.0 million of outstanding bonds. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to issue mortgage-backed securities via the securitisation of elig...

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 is an indirect wholly-owned subsidiary of Tenaga Nasional Bhd (TNB) and was established to undertake the construction of a 1,071.43-megawatt combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang, under a...

MARC has placed Pinnacle Tower Sdn Bhd’s RM50 million Islamic Commercial Papers (ICP) and RM400 million Islamic Medium-Term Notes (IMTN) of MARC-1IS and AAAIS ratings under review to evaluate the impact of a proposed 50.0% equity divestment by the State Financial Secretary of Sarawak (SFS) in Sacofa Sdn Bhd (Sacofa). Pinnacle Tower is a wholly-owned special purpose funding vehicle for Sacof...

MARC has affirmed its rating of AAAIS on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The rating action affects the outstanding sukuk of RM1,255.0 million. The affirmed rating reflects CMBS 2007-1-i’s robust credit enhancement level of 142.3% based on an outstanding principal of non-defaulted mortgag...

MARC has assigned a final rating of AA-IS to Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) issuance of RM210.0 million Sukuk Murabahah (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 the sukuk have not changed in any material way from the draft documentation on which the earlier preliminary ...

MARC has affirmed South Korea’s foreign currency sovereign rating of AAA with a stable outlook based on its 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 government of South Korea (GoK) has no debt rated by MARC. The rating also serves as a country ceiling for ringgit-denomin...