MARC has assigned a final rating of AA-IS to Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) issuance of RM210.0 million Sukuk Murabahah (sukuk). 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 sukuk have not changed in any material way from the draft documentation on which the earlier preliminary ...

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 affirmed rating reflects Westports’ strong market position as a transhipment hub in the region through its operations of five conventional terminals and seven container terminals that have a total handling capacity of 11 million twenty-foot ...

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 affirmed rating reflects Senai-Desaru Expressway’s (SDE) satisfactory traffic performance in line with revised projections, and SDEB’s improved cash flow coverage from the accommodative amortisation s...

MARC has assigned a preliminary rating of AA-IS to Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) proposed issuance of RM210.0 million Sukuk Murabahah (sukuk). The outlook on the rating is stable. The proceeds from the issuance will be mainly utilised to facilitate the roll-over of Grand Sepadu’s existing bridging loan of RM200 million that was taken to part-finance the acquisition of asse...

MARC has assigned a final rating of AA-IS with a stable outlook on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB or the group) Sukuk Murabahah Programme of up to RM1.0 billion. The rating incorporates a one-notch uplift from MHB’s standalone rating based on MARC’s assessment on the likelihood of moderate support from MHB’s ultimate parent PETRONAS. The suppo...

MARC has suspended its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) Sukuk Murabahah Programme (Sukuk) of up to RM8.4 billion. Since assigning the rating on the Sukuk on October 28, 2014, the long delay to the issuance of Sukuk and the original scheduled financial close of JEP’s proposed development of 2x1,000MW ultra-supercritical coal-fired power plant in Negeri Sembilan (Project 3B) has...

MARC has affirmed 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. SPRINT is the owner and concessionaire of three interlinked highways namely the Damansara Link, Kerinchi L...

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 outlook on the ratings is stable. The ratings continue to incorporate a two-notch uplift from TNB’s standalone corporate credit rating of AA/Stable to reflect the high likelihood of government support stemming fr...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is the funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT) for the construction of two additional gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area (JDA) in the Gulf of Thailand to the industrial city of Rayong in T...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk issued under the RM750.0 million Sukuk Musharakah Programme 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. Cerah Sama is also an investment vehicle for potential brownfield to...