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MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The ratings affirmation is mainly driven by Northport’s established position in providing container and conventional cargo handling services through North Port and Southpoin...
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MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook. MPower is the operations and maintenance operator of its parent company Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic power plants. The rating approach considers the consolidated credit profile of MPower and its parent company Malakoff given the st...
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MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programmes of up to RM2.0 billion. The ratings outlook is stable. There is currently no amount outstanding under the rated programmes, which will expire in March 2021. The ratings incorporate PDB’s strong domestic market position in trading ...
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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.The rating reflects the credit strength of the issuer’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking to top up any cash shortfall in the finance service reserve account (FSRA)...
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MARC has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook. The affirmed rating incorporates the strength of the concession receivables from the government which are channelled to ACSB’s designated accounts for its sukuk payment obligations. The concession receivables in the form of avai...
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MARC has withdrawn its ratings of MARC-1IS/AAA-IS on Gas Malaysia Berhad’s (Gas Malaysia) RM700 million Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programmes. The ratings withdrawal follows early termination of the programmes, as confirmed by the facility agent. The ratings carried a stable outlook.The programmes were terminated following an exchange of outstanding RM281 mill...
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MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is the funding vehicle for the second phase of the Trans Thailand-Malaysia project (TTM Phase II), consisting of two gas pipelines between the Malaysia-Thailand Joint Development Area and the city of Rayong in Thailand. TTM SPV is wholly owned by Trans Thai-Malay...
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MARC has downgraded MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme rating to BBBIS from AIS, and its RM150.0 million Junior Bonds to BB from BBB. The ratings remain on MARCWatch Negative.The ratings have been on MARCWatch Negative since May 2020 following insufficient progress with respect to MEX II’s 16.8-km Lebuhraya Putrajaya-KLIA highway project (MEX Extension) since the...
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MARC has affirmed its rating of AA-IS on Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah and concurrently revised the rating outlook to stable from negative. DUKE 3 is undertaking the Setiawangsa-Pantai Expressway (SPE) project under a concession agreement with the government ending August 5, 2069.The outlook revision is premised on the easing of the rating agency’s earli...
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MARC has assigned its preliminary rating of AA-IS to special-purpose vehicle SHC Capital Sdn Bhd’s proposed RM80.0 million issuance under its RM200 million IMTN (Sukuk Wakalah) programme. The rating outlook is stable.There are no expectations of further drawdown in the medium term; any further drawdown will require a re-assessment of the rating. SHC Capital is wholly owned by Tunas Cool Energy S...
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