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MARC has assigned long-term ratings of AAA, AA and A to Trusmadi Capital Sdn Bhd’s issue of RM235 million Class A, RM40 million Class B, and RM25 million Class C Medium-Term Notes (MTN). Concurrently, the rating agency has assigned a MARC-1 rating to Trusmadi Capital’s issue of up to RM300 million Commercial Papers (CP). The rated MTN and/or CP issuances are subject to a combined issuance limi...
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MARC has affirmed its preliminary AA-IS rating on Sparks Energy 1 Sdn Bhd’s proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Murabahah of up to RM220.0 million. The rating outlook is stable. Sparks Energy 1 is a special purpose vehicle incorporated to raise funding to develop two 30MWac solar power plants in Kuala Muda, Kedah and Machang, Kelantan. The rated sukuk wil...
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MARC has assigned a preliminary rating of A+IS with a stable outlook to YNH Property Berhad’s (YNH) proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah) of up to RM700 million. Proceeds from the initial drawdown of about RM350 million will be utilised to repay a term loan of RM130 million and the balance to finance working capital. The preliminary rating is based on YNH’s lengthy ...
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MARC has affirmed its rating of MARC-2IS on Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme. The outstanding notes under the programme stood at RM70.0 million as at end-September 2021.The rating incorporates Titijaya’s track record in developing projects in and around mature housing areas, and its moderate leverage and liquidity positions. Moderating f...
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MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM235 million Sukuk Wakalah with a stable outlook. The rating affirmation reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking to top up any shortfall in the finance service reserve account (FSRA) for the Su...
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MARC has been informed that UiTM Solar Power Sdn Bhd’s (UiTM Solar) 50MWac solar photovoltaic plant in Gambang, Pahang had experienced technical issues at its gas-insulated switchgear (GIS) and power transformer. The events have led to the plant currently being non-operational. UiTM Solar’s rating was affirmed at AA-IS/stable during the latest review in August 2021. The investigation into...
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MARC has assigned a final rating of A+IS to Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was based.For full detai...
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MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) outstanding RM2.93 billion Sukuk Murabahah with a stable outlook. MPower is the operations and maintenance operator of Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic independent power producers (IPP). MPower is a wholly-owned subsidiary of Malakoff. MARC’s rating approach to MPower considers t...
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MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook has been revised to positive. The outlook revision incorporates the continued improvement in Northport’s credit metrics on the back of substantial growth in its throughput volume. Its stable...
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MARC has assigned preliminary ratings of MARC-1IS /AA-IS to UEM Sunrise Berhad’s proposed Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined nominal value of RM4.0 billion (ICP/IMTN-3). We have concurrently affirmed the existing ratings of MARC-1IS /AA-IS on its two ICP and IMTN programmes (ICP/IMTN-1 and ICP/IMTN-2) with a total combined nom...
This article has been viewed 1142 times.