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MARC has assigned a final rating of AA-IS with a stable outlook to Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) proposed RM1.9 billion Sukuk Murabahah Programme.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 which was used for the preliminary rating assessment.&...
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MARC has placed MEX II Sdn Bhd’s ratings on MARCWatch Negative due to developments arising from the insufficient progress on the construction of the 16.8-km Lebuhraya Putrajaya-KLIA expressway (MEX Extension) to meet the project milestones since the ratings were downgraded last year. The delay has led to the concessionaire seeking another extension of time (EOT) to complete construction and conc...
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MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM140.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and RM350.0 million outstanding guaranteed IMTN at AAAIS(fg). The ratings outlook is stable. RPII owns and operates the 190-MW combined-cycle gas turbine (CCGT) Rugading Power Station in Sabah under a 21-year Power Purchase Agreement (PPA) with Sabah El...
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MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. KPSB owns and operates a 285-megawatt (MW) combined-cycle gas-fired power plant in Kimanis Bay, Sabah. The rating affirmation reflects the favourable power purchase agreement (PPA) that allocates demand risk to the offtaker Sabah Electricity Sdn Bhd (SESB), an ...
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MARC has assigned a preliminary rating of AA-IS to Leader Energy Sdn Bhd’s (Leader Energy) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM260.0 million. The rating outlook is stable.Leader Energy owns two solar power projects in Kuala Muda, Kedah, namely Leader Solar Energy Sdn Bhd (LSE I; 29.0MWac) and Leader Solar Energy II Sdn Bhd (LSE II; 20.0MWac)...
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MARC has assigned a preliminary rating of AA-IS to port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) proposed RM1.9 billion Islamic Medium Term Notes (Sukuk Murabahah Programme). The rating outlook is stable. The rating reflects PTP’s strong market position as a key transhipment port in the region, its ability to generate strong cashflow and maintain healthy port performance that ha...
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MARC has affirmed its A+IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) Green Sustainable and Responsible Investment (SRI) Sukuk rating of up to RM1.0 billion. The rating outlook has been revised to positive from stable. The affirmed rating incorporates the mitigation of demand risk through the 21-year power purchase agreement (PPA) that the three project com...
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MARC affirms its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting highway to Pasir Gudang.The rating considers the accommodative amortis...
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MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme. This rating action follows from the initial rating action in January 2020 which placed PLUS’ sukuk programme on watch. The sukuk programme carried a AAAIS/Stable rating prior to the MARCWatch placement which was precipitated by a government an...
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MARC has affirmed its rating of AA+IS on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musharakah Programme with a stable outlook. The rating reflects 1) Westports’ strategic location along one of the world’s busiest shipping routes and its favourable cargo-handling facilities; 2) the company’s steady financial performance under long-term concession agreement; 3) strong...
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