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MARC has withdrawn its rating of A+ID on DHTI Capital Sdn Bhd’s (DHTI Capital) RM10.0 million Junior Islamic Medium-Term Notes (IMTN) Facility. The rating withdrawal follows the full redemption and cancellation of the outstanding RM3.0 million notes on September 1, 2015 as confirmed by the facility agent on September 4, 2015.
Upon the withdrawal of the rating, MARC will no longer be provid...
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MARC has assigned a preliminary rating of AA-IS to Jimah East Power Sdn Bhd’s (JEP) proposed Sukuk Murabahah of up to RM10.0 billion. The outlook on the rating is stable. The proceeds from the proposed Sukuk Murabahah will be used to develop, design and construct a 2x1,000-megawatt ultra-supercritical coal-fired power plant in Negeri Sembilan. National utility company Tenaga Nasional Berhad...
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MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The affirmed rating incorporates the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with the offtaker Sabah Electricity Sdn Bhd (SESB). The PPA transfers demand risk and fuel price risk to SESB, an 83%-owned subsidiary of Tenaga Nasional Berhad ...
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MARC has affirmed its AAAIS(bg) rating on Ranhill Group Sdn Bhd’s (Ranhill Group) RM300 million bank-guaranteed (Tranche 1) and AAAIS(fg) rating on the company’s RM500 million Danajamin-guaranteed (Tranche 2) Sukuk Musharakah facilities. The ratings outlook is maintained at stable. The affirmed ratings are underpinned by the credit strength of the unconditional and irrevocable guarantees from ...
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MARC has affirmed its ratings of AAAIS(fg) on Ranhill Powertron II Sdn Bhd’s (RPII) RM350 million guaranteed notes and AAIS on RM360 million non-guaranteed notes. The outlook for both ratings is stable. Both guaranteed and non-guaranteed notes were issued under the RM710 million Islamic Medium-Term Notes (IMTN) Programme. RPII was established to build, own and operate a 190-megawatt (MW) co...
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MARC has withdrawn its ratings of MARC-1ID/AAID on DHTI Capital Sdn Bhd’s (DHTI Capital) RM110.0 million Islamic Commercial Papers/Islamic Medium-Term Notes Facility (Senior Notes facility). The rating withdrawal follows the full redemption and cancellation of the outstanding RM5.0 million Senior Notes on May 29, 2015 as confirmed by the facility agent on July 7, 2015.MARC’s analytical coverag...
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MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) with a stable outlook. The affirmed rating incorporates a two-notch uplift from KEV’s standalone rating of AA- premised on MARC’s continued assessment of a very high probability of support from majority shareholder Tenaga Nasional Berhad (TNB). The rating agency’s assessment is un...
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MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. Tanjung Bin O&M is the main operator of the 2,100-megawatt (MW) coal-fired power plant owned by related entity Tanjung Bin Power Sdn Bhd (TBP). The issuer’s key operational obligations under the O&M agreement (OMA) with TBP have been transf...
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MARC has withdrawn its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) Sukuk Murabahah Programme (Sukuk) of up to RM8.4 billion with immediate effect. The rating had been suspended since March 6, 2015 pending information from the project sponsors in relation to the project timeline. As the grace period for providing the information has ended, MARC has withdrawn the rating and will no longer be ...
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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 is an indirect wholly-owned subsidiary of Tenaga Nasional Bhd (TNB) and was established to undertake the construction of a 1,071.43-megawatt combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang, under a...
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