MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) and revised the outlook to negative from stable.  The rating affirmation is based on SDEB’s adequate near-term liquidity and the Restructured Sukuk’s accommodative back-ended amortisation structure with a step-up profit feature that ...

MARC has downgraded MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds ratings to CIS/C, from BBIS and B. The rating action is driven by the liquidity pressure MEX II is facing and the likelihood of missing an upcoming payment on its sukuk. MEX II has a sukuk repayment of RM68.7 million due on April 29, 2021 against which it has a cash balance...

MARC has withdrawn its ratings of MARC-1IS / AAAIS on Petronas Dagangan Berhad’s Islamic Commercial Papers and Islamic Medium-Term Notes programme of up to RM2.0 billion. The ratings withdrawal follows the programme’s expiry on March 19, 2021.Contacts:Lee Chi Han, +603-2717 2939/ chihan@marc.com.my;Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my....

MARC has upgraded Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk rating to AA-IS from A+IS. The rating agency has concurrently revised the rating outlook to stable from positive.The upgrade incorporates the steady operational performance exhibited by QSP Semenanjung’s three 50MW solar power plants that is line...

MARC has affirmed its AA-IS rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme). The rating outlook is stable. The rating has considered the increase in PTP’s programme limit to RM2.15 billion from RM1.9 billion.The affirmed rating is mainly driven by PTP’s strong position as a key regional transhipment container port which ...

MARC has assigned final ratings of MARC-1IS and A+IS to George Kent (Malaysia) Berhad’s (George Kent) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah Programmes) subject to a combined limit of RM500.0 million. The ratings outlook is stable.We have reviewed the final documentation for the Sukuk Wakala...

MARC has assigned a final rating of AA-IS to UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar 2) proposed Green SRI Sukuk of up to RM100.0 million. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was...

MARC has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook. The affirmed rating reflects (1) JEP’s predictable cash flows from its 2x1000MW ultra-supercritical coal power plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB), (2) its operational and financial linkages with TNB, wh...

Posted date: February 9, 2021MARC has downgraded its ratings on MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme to BBIS from BBBIS, and RM150.0 million Junior Bonds to B from BB. The ratings remain on MARCWatch Negative. Our rating actions are premised on the increasing likelihood that MEX II may not be able to put in place a liquidity facility that it had originally expec...

MARC has assigned preliminary ratings of MARC-1IS/AAIS to Cellco Capital Bhd’s (Cellco) proposed RM520 million issuance (Issue 1) under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable.Cellco is a special-purpose entity set up to undertake the Sukuk Ijarah Programme for its parent, Stealth...