MARC has affirmed the AAAIS rating on tolled road concessionaire Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. The rating affirmation continues to incorporate a two-notch rating uplift from PLUS Berhad’s standalone rating of AA on the basis of support assumption from the Malaysian government with respect to the pr...

MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western Energy) Islamic Sukuk (sukuk) of up to RM4.0 billion with a stable outlook. TNB Western Energy is a wholly-owned funding vehicle of TNB Manjung Five Sdn Bhd (TNB Manjung Five), which is in turn a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five was incorporated to undertake the constructi...

MARC has affirmed its rating of A+IS on Alam Maritim Resources Berhad's (Alam Maritim, or the group) RM500 million Sukuk Ijarah Medium-Term Notes (Sukuk). The outlook on the sukuk rating is revised to negative from stable. The rating action affects RM230 million of outstanding notes issued under the rated programme. The negative outlook reflects a decline in revenue and consolidated earnings duri...

MARC has affirmed its AAAID rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The affirmed rating incorporates the continued support extended by parent Putrajaya Holdings Sdn Bhd (PJH) and ultimate holding company Petroliam Nasional Berhad (PETRONAS) to GDC Putrajaya to meet i...

MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.38 billion Sukuk Murabahah. The outlook on the rating is stable. MPower undertakes the operations and maintenance (O&M) of several independent power producers (IPP) of its parent, Malakoff Corporation Berhad (Malakoff), an investment holding company with 7,249.4 megawatts (MW) of gross power generating capacity i...

MARC has assigned final ratings of MARC-1IS/AA-IS to Northport (Malaysia) Bhd’s (NMB) Islamic Commercial Papers Programme and Islamic Medium-Term Notes Programme respectively (collectively known as Sukuk Musharakah Programmes) with a joint limit of up to RM1.5 billion. The outlook on the ratings is stable.Upon review of the final documentation of the forthcoming issuance, MARC is satisfied ...

MARC has affirmed its ratings of MARC-1IS /AAAIS on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) Programme of up to RM2.0 billion. The outlook on the rating is stable. The affirmed ratings are equalised to AAA/MARC-1/Stable ratings of PDB’s parent, Petroliam Nasional Berhad’s (PETRONAS) based on available public information. ...

MARC has affirmed its ratings of MARC-1(fg)/AAA(fg) on Riverson Corporation Sdn Bhd’s (Riverson) RM200 million CP/MTN facility with a stable outlook. The affirmed ratings and outlook are based on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which carries MARC’s financial strength rating of AAA/stable. Riverson’s standalo...

MARC has affirmed its AAAID(S) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating and outlook are aligned to MARC’s public information rating on the Sarawak State Government (SSG) on the basis of KPA’s status as a state-owned statutory body and state support provided on the BaIDS....

MARC has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) respectively. The outlook on the ratings is stable. The affirmed ratings take into consideration the satisfactory traffic performance of Kesturi’s 18-kilometre (km) Duta-Ul...