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 outlook on the ratings 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...

MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. BEWG is wholly-owned by Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is an associate company of Beijing Enterprises Holding Limited, a state-owned entity of the Beijing municipal government. The rating reflects the unconditional and irrevocab...

MARC is issuing this update on Tenaga Nasional Berhad (TNB) following the group’s recent announcement to undertake a proposed internal corporate reorganisation in line with its strategic transformation plan. Among the key changes under the proposed reorganisation are the formation of two new wholly-owned subsidiaries, GenCo and RetailCo, into which TNB will transfer its domestic power generatio...

MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power is a 51:49 joint venture between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd (SIPP) and was established to develop a 2x720MW combined cycle gas-fired power plant in Pasir Gudang. The rating affirmation reflects t...

MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM245.0 million. The rating outlook is stable. Sinar Kamiri is a special purpose project company incorporated to build, own and operate a 49.0MWac solar photovoltaic plant (SPP) in Sungai Siput, Perak. The rating primarily reflects Sinar Kamiri’s healthy ...

MARC has affirmed its AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) Sukuk Murabahah issuance of RM210.0 million. The rating outlook remains negative. The affirmed rating incorporates Grand Sepadu’s adequate cash flow coverage, its moderately leveraged capital structure and the improving traffic on New North Klang Straits Bypass (NNKSB). The negative outlook highlights the co...

MARC has affirmed 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 incorporates SDEB’s ac...

MARC has removed Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green SRI Sukuk rating from MARCWatch Negative. Concurrently, the rating has been maintained at A+IS with a stable outlook. The rating action follows the confirmation from Suruhanjaya Tenaga vide letter dated July 15, 2019 that QSP Semenanjung’s solar power plant in Merchang has achieved Commercia...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah with a stable outlook. KEV is a 60.0%-owned subsidiary of Tenaga Nasional Berhad (TNB) (AAA/Stable). KEV owns and operates Kapar Power Station which has four generating facilities with a combined nominal capacity of 2,420MW. The power plant has continued to face operational challenges du...

MARC has assigned a rating of AA-IS to Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The assigned rating reflects the credit strength of the Terengganu state government to meet the unconditional and irrevocable payment obligations on the Facility Payment Certificates (FPC) issued for work done for the Kuala Terengganu Utara (KTU) water supply pro...