MARC has assigned a preliminary rating of AA-IS to Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) proposed Sukuk Murabahah of up to RM1.0 billion. The outlook on the rating is stable. This sukuk will be Malaysia’s first Green Sustainable and Responsible Investment (Green SRI) Sukuk to be issued by a solar power producer. QSP Semenanjung is a wholly-owned subsidiary of Quantum So...

MARC has placed its BBB+IS sukuk rating on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Note Programme on MARCWatch Negative. The current outstanding amount under the rated programme is RM75 million, of which RM30 million is due in July 2017. The rating action highlights increased risk of missed payments or a distressed exchange on Alam Maritim’s ...

MARC has affirmed the AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) Sukuk Murabahah issuance of RM210 million. The outlook on the rating is stable. Grand Sepadu is indirectly equally owned by Taliworks Corporation Berhad and the Employees Provident Fund with a 37.5% stake each. The affirmation reflects Grand Sepadu’s adequate cash flow coverage, underpinned by stable traffic...

MARC is issuing this update on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) following a revised construction completion date to June 30, 2017 from February 12, 2017 for the 16-km Duta-Ulu Kelang Expressway (DUKE) Phase-2. Kesturi has received approval from the Malaysian Highway Authority on a further extension of time (EOT) to October 2, 2017 from December 15, 2016. The initial EOT was ...

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 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 issued an errata notice pertaining to its recent credit analysis report on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) debt ratings. MARC has amended Exhibit 22 which details the cash flow projections provided on page 12 and the analysis on the cash flow projections on page 13 of its rating report on SPRINT, published on April 7, 2017. The updated rating report has accordingly...

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 that serves as a key commuting link for mature catchment areas along the highway. The affirmed rating primarily reflects Cerah...

MARC has affirmed its A+IS and AA-(bg) ratings on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and Bank-Guaranteed Serial Fixed Rate Bonds (BG bonds) respectively. The outlook on the BaIDS has been revised to negative from stable, while the outlook on the BG bonds remains at stable in line with the outlook of the guarantor banks. T...

MARC has assigned a preliminary rating of AAIS to BEWG (M) Sdn Bhd’s (BEWG) 8-year RM400 million Sukuk Wakalah with a stable outlook. BEWG is a wholly-owned indirect subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is a subsidiary of Beijing Enterprises Holding Limited (BEHL), a state-owned company involved in water, sewerage and natural gas oper...