MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. TNB Northern Energy was established to finance and develop a 1,071.43-megawatt combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang, under a 21-year power purchase agreement (PPA) with offtaker Tenaga Nasional Berhad (TNB)...

MARC has affirmed its AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) issuance of RM210.0 million Sukuk Murabahah. The outlook on the rating is stable. Grand Sepadu is the concessionaire of the New North Klang Straits Bypass (NNKSB) expressway until 2032. The 17.5km expressway has four toll plazas namely Kapar, Kapar Westbound, Kapar Eastbound and Bukit Raja. Grand Sepadu is indirect...

MARC has affirmed its rating of BBB-IS on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. The rating incorporates the improving traffic volume on the expressway and the accommodative payment structure under the programme which provides SDEB with headroom to improve its cash flow coverages. Under the Rest...

MARC has assigned a rating of AA-IS to toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) proposed RM3.64 billion Sukuk Wakalah with a stable outlook. DUKE 3 was incorporated by Ekovest Berhad (Ekovest) to undertake the design, construction, financing, operations and maintenance of DUKE Phase 3 expressway under a concession agreement with the Malaysian government in January, 2016. The...

MARC has assigned final ratings of AA-IS and A- to MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds). The outlook on the ratings is stable. MEX II is the toll concessionaire undertaking the design, construction, operations, maintenance and financing of the 16-km Lebuhraya Putrajaya-KLIA under a 33-year conc...

MARC has affirmed its AAAIS rating on tolled road concessionaire Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS holds a portfolio of tolled expressways, of which the 772-km North-South Expressway (NSE) is its key expressway and main contributor to group revenue. The rating incorporates a two-notch rating uplift from P...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AAA and Islamic debt rating of AAAID on its outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The rating outlook is stable. The ratings continue to benefit from a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect the high likelihood of government support for the company given its crit...

MARC has affirmed its A+ID and AA-(bg) ratings on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM510 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and RM365 million Bank-Guaranteed Serial Fixed Rate Bonds (BG bonds) respectively. The outlook on the ratings is stable. The RM510 million BaIDS will commence its yearly repayment in 2016 while the outstanding RM41 million B...

MARC has withdrawn its ratings of MARC-1(fg)/AAA(fg) on Riverson Corporation Sdn Bhd’s RM200.0 million Commercial Papers/Medium-Term Notes (CP/MTN) programme. The ratings withdrawal follows the full redemption and subsequent cancellation of the programme as confirmed by the facility agent. Upon the withdrawal of the ratings, MARC will no longer be providing analytical coverage on the issuer...

MARC has revised its outlook on Alam Maritim Resources Berhad’s (Alam Maritim) AIS Sukuk Ijarah Medium-Term Notes rating to negative from stable. The negative outlook reflects the rating agency’s increased concerns on Alam Maritim’s weakening business prospects arising from the continued decline in its order book and the increasing challenges in winning new contracts in the current tough en...