MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS is the toll concessionaire of five major highways in Malaysia, of which the 772-kilometre (km) North-South Expressway (NSE) is its key highway in terms of revenue generation. The rating affirmation continues to incorporate a two-notch...

MARC sees no immediate impact on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) AA-IS/Stable rating on its RM1.0 billion Green SRI Sukuk (sukuk) following delays in commercial operation dates (COD) for its three solar power plants. The scheduled COD (SCOD) had been extended by Tenaga Nasional Bhd (TNB) to March 31, 2018 from December 31, 2017 for all three plants at Gurun, ...

MARC has assigned a final rating of AA-IS to UiTM Solar Power Sdn Bhd’s (UiTM Solar) Green SRI Sukuk of up to RM240.0 million. The outlook on the rating is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the Green SRI Sukuk have not changed in any material way from the draft documentation on which the earlier preliminary rati...

MARC has affirmed its rating of AAIS on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook. The rating is underpinned by the credit strength of the Terengganu state government which will provide periodic payments under a deferred payment structure upon completion of a water treatment project in the state. The rating also incorporates a one-notch rating uplift based on t...

MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme. Concurrently, MARC has revised the rating outlook to stable from negative. Currently, there is no outstanding sukuk under the rated programme. The outlook revision is driven by MHB’s increasing order book and the improving outlook for the oil and ga...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concessionaire of the 11.5-kilometre Cheras-Kajang Highway. The rating mainly reflects Cheras-Kajang Highway’s steady traffic performance that supports Cerah Sama’s cash flow generati...

MARC has assigned a preliminary rating of AA-IS to UiTM Solar Power Sdn Bhd’s (UiTM Solar) proposed Green SRI Sukuk of up to RM240.0 million. The outlook on the rating is stable. UiTM Solar is 98% owned by UiTM Energy & Facilities Sdn Bhd (UiTM Energy), a wholly-owned subsidiary of UiTM Holdings Sdn Bhd (UHSB) which in turn is wholly owned by Universiti Teknologi Mara (UiTM), a higher l...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. The outstanding sukuk amounts to RM450.0 million as at February 2018. TTM SPV is a funding vehicle for the second phase of the Trans Thailand-Malaysia (TTM) project, consisting of two gas pipelines between the Malaysia-Thailand Joint Development Area (JDA) and the indus...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA and sukuk rating of AAAIS on its outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The ratings outlook is stable. The ratings incorporate a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect MARC’s assessment of a high likelihood of government support premised on the co...

MARC has withdrawn its AAAIS(bg) and AAAIS(fg) ratings on Ranhill Capital Sdn Bhd’s (RCSB) RM300 million bank-guaranteed (Tranche 1) and RM500 million Danajamin-guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The ratings carry a stable outlook. The ratings withdrawal follows the early redemption of the total outstanding notes of RM540 million under the tranches and the subseque...