MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook.TNB Western’s rating is equalised to parent Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable, based primarily on the strength of TNB’s unconditional and irrevocable rolling guarantee to fund shortfalls in the finance service account, a...

MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s RM400.0 million Sukuk Wakalah with a stable outlook. Outstanding sukuk currently stands at RM190.0 million.The Sukuk Wakalah was raised to part fund the Kemaman water project for the Terengganu state government. The project was aimed at refurbishing and upgrading water treatment and distribution facilities in Kemaman, Terengganu and was und...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM790.0 million Sukuk Ijarah. The rating outlook is maintained at negative. KEV, which owns and operates the 2,200MW Kapar Power Station in Klang, has seen an improvement in the operating performance of two of its three generating facilities that led to capacity payments (CP) that are largely in line wit...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding sukuk of RM1.35 billion with a stable outlook. TNB Northern is the funding vehicle for its parent TNB Prai Sdn Bhd to develop and operate the 1,071.43-MW combined-cycle gas turbine (CCGT) power plant in Seberang Perai Tengah, Penang. TNB Prai, which is an indirect wholly-owned subsidiary of Tenaga Nasio...

MARC has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar 2) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM100.0 million. The rating outlook is stable.UiTM Solar 2 owns a 25MWac solar photovoltaic plant in Pasir Gudang, Johor, which was developed under a 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) and became operatio...

MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook.The key rating factors are MHB’s conservative balance sheet and strong liquidity position, as well as its strong competitive position as the largest domestic offshore fabricator. MHB’s rating also benefits from a one-notch uplift ba...

MARC has affirmed its rating of AA-IS on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook. SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd, which has an 80% interest in Ranhill SAJ Sdn Bhd, the exclusive provider of source to tap water in Johor. SAJ Capital serves only to issue the sukuk, while the source for profit payments and principal repayments ...

MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM202.3 million. The rating outlook is stable. UiTM Solar owns a 50MWac solar photovoltaic plant in Gambang, Pahang which was developed under a 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) and became operational in ...

MARC has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating reflects the credit strength of the Terengganu state government to be able to meet the payment obligations due on the Facility Payment Certificates (FPC) the state has issued for the work done as at date by KAJV. MARC maintains a sub-sovereign credit...

MARC notes MEX II Sdn Bhd received sukukholders’ approval on August 24, 2021 for the deferment of payments of RM68.7 million and RM38.2 million due on August 27, 2021 and October 29, 2021, both to December 31, 2021. The rating agency understands that discussions are ongoing on the company’s debt restructuring.MEX II has an outstanding RM1.3 billion Sukuk Murabahah Programme and RM150.0 million...