MARC has assigned preliminary ratings of MARC-1IS and AA-IS to port operator Northport (Malaysia) Bhd’s (NMB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) 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. The ratings incorporate NMB’s strategic im...

MARC has affirmed the ratings of DHTI Capital Sdn Bhd’s (DHTI Capital) RM110.0 million Islamic Commercial Papers (ICP)/Islamic Medium Term Notes (IMTN) (Senior Notes) facility and RM10.0 million Junior IMTNs (Junior Notes) facility at MARC-1ID /AAID and A+ID respectively. The outlook on the ratings is negative. The affirmed ratings are premised on the credit quality of the assigned lease re...

MARC has received confirmation that Kimanis Power Sdn Bhd’s (KPSB) third generating block (GB3) has achieved its commercial operation date (COD) on November 7, 2014 after successfully completing its third reliability run. This has addressed concerns the rating agency had which were highlighted in an update on October 28, 2014 following GB3’s inability to achieve COD after two rounds o...

MARC has issued this update as part of its ongoing monitoring of Kimanis Power Sdn Bhd’s (KPSB) 285-megawatt combined-cycle gas fired power plant project in Kimanis Bay, Sabah. The sukuk currently has a rating of AA-IS with a stable outlook. The power plant’s third generating block (GB3) has failed to declare a commercial operation date (COD) after two rounds of reliability runs due to...

MARC has assigned a final rating of AA-IS to Jimah East Power Sdn Bhd’s (JEP) Sukuk Murabahah Programme of up to RM8.4 billion. The outlook on the rating is stable. Upon review of the final documentation of the forthcoming issuance, MARC is satisfied that the terms and conditions of the Sukuk Murabahah have not changed in any material way from the draft documents on which the earlier preliminary...

MARC has affirmed its AAAIS(fg) rating on investment holding company Senari Synergy Sdn Bhd’s (Senari Synergy) RM380 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook reflect the credit strength of an unconditional and irrevocable guarantee on the IMTN obligations provided by Danajamin Nasional Berhad (Danajamin) which carries a financ...

MARC has assigned a preliminary rating of AA-IS on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) proposed RM1.0 billion Sukuk Murabahah Programme with a stable outlook. MHB is involved in offshore and marine services, in particular engineering and construction works, vessel conversion and repair services for the oil and gas sector. The proceeds from the sukuk issuance will be...

MARC has assigned a preliminary rating of AA-IS  to Jimah East Power Sdn Bhd’s (JEP) proposed Sukuk Murabahah Programme of up to RM8.4 billion. The outlook on the rating is stable. JEP is a 70:30 joint venture between Pelita Merpati Sdn Bhd (PMSB) and 3B Power Sdn Bhd (3B Power) that was set up to finance and develop a greenfield 2x1,000MW ultra-supercritical coal-fired power plant (Projec...

MARC has affirmed the AAIS rating on toll road concessionaire ANIH Berhad's (ANIH) RM2.5 billion Senior Sukuk Musharakah Programme (Sukuk Programme) with a stable outlook. The affirmed rating continues to incorporate ANIH’s overall stable traffic performance of its matured toll road concessions namely Kuala Lumpur-Karak Highway (KL-Karak), Phase 1 of the East Coast Expressway (ECE1) and the ...

MARC has withdrawn its MARC-2ID/A+ID ratings on Alam Maritim Resources Berhad’s (Alam Maritim) RM100 million Murabahah Commercial Papers/Medium-Term Notes (MCP/MMTN) facility. The withdrawal follows the expiry of the programme on July 25, 2014. MARC’s analytical coverage on Alam Maritim is now limited to the RM500 million Sukuk Ijarah Medium-Term Notes (MTN) facility, currently rated A...