MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah and revised the rating outlook to stable from negative. KEV, a 60%-owned subsidiary of Tenaga Nasional Berhad (TNB), owns and operates Kapar Power Station (KPS), the largest domestic multi-fuel thermal power station with four generating facilities (GF) with a combined nominal capacity of 2...

MARC has affirmed its rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme of AA+IS. MARC continues to maintain a negative outlook on the rating. CNSB provides network telecommunication services to its parent, Celcom Axiata Berhad (Celcom), through network telecommunication assets. The rating and outlook are premised on the overall credit profile of the Celcom g...

MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM240 million outstanding Islamic Medium-Term Notes (IMTN) and RM350 million outstanding guaranteed IMTN at AAIS and AAAIS(fg) respectively. The outlook on the ratings is stable. RPII is an 80%-owned subsidiary of Ranhill Capital Sdn Bhd and was established to build, own and operate Rugading Power Station, a 190-megawat...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) outstanding Islamic securities (sukuk) of RM1.595 billion with a stable outlook. TNB Northern Energy is a funding vehicle of its parent TNB Prai Sdn Bhd (TNB Prai), a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB), for the construction of a 1,071.43-megawatt combined-cycle gas turbine power plan...

MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (MTN) Programme (sukuk programme) with a stable outlook. SDEB is the concessionaire of a 77km tolled inter-urban expressway (E22) between Senai and Desaru with a connecting highway to Pasir Gudang. The affirmed rating incorporates SDEB’s improved cash flow generation on...

MARC has downgraded Alam Maritim Resources Berhad’s sukuk rating to DIS from BB+IS following the missed sukuk principal payment of RM30.0 million on July 6, 2017 of the outstanding RM75.0 million under its Sukuk Ijarah Medium-Term Notes programme. Concurrently, the rating has been removed from MARCWatch Negative where it was placed on May 30, 2017. Alam Maritim is a major domestic offshore supp...

MARC has assigned a final rating of AAIS to BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah (Sukuk Wakalah). The outlook on the rating is stable. Upon review of the final documentation of the proposed issuance, MARC is satisfied that the terms and conditions of the Sukuk Wakalah have not changed in any material way from the draft documentation on which the earlier preliminary ratin...

MARC said today that it has downgraded its rating on marine services provider Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes to BB+IS from BBB+IS. The rating remains on MARCWatch Negative. MARC had earlier placed the sukuk rating on MARCWatch Negative on May 30, 2017 to highlight the sukuk’s increased vulnerability to missed payments or a distre...

MARC has affirmed its AA-IS and A- ratings on MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds) respectively. The outlook on the ratings is stable. MEX II has a 33-year toll concession agreement with the Malaysian government to design, construct, operate and maintain a 16.8-km Lebuhraya Putrajaya-KLIA (...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musyarakah Programme with a stable outlook. The rating is driven by Westports’ solid financial metrics as reflected by its stable operating margins and strong finance service coverage on the back of commendable operational performance. The rating also benefits from Westport’s strong compe...