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. The rating and outlook are equalised with those of the project sponsor, Tenaga Nasional Berhad (TNB), which has provided credit substitution in the form of explicit project completion support and rolling guarantees in favour of the sukukholde...

MARC has withdrawn its AA-ID rating/stable outlook on Maju Expressway Sdn Bhd’s (MESB) RM550.0 million Islamic Medium-Term Notes (IMTN) Programme at the issuer’s request. This follows the approval and consent via a resolution from the noteholders for the withdrawal of the rating on May 7, 2014, following the purchase of the outstanding IMTN by parent company Bright Focus Berhad on Janu...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah Programme of up to RM2.0 billion with a stable outlook. The rating reflects Westports’ strong competitive position in transshipment services in the region, its strong operational track record and cash flow generation. The rating is, however, moderated by the group’s container throughpu...

MARC has assigned a rating of BBB-IS to Senai-Desaru Expressway Berhad’s (SDEB) Islamic Medium-Term Notes (Restructured Sukuk) Programme of up to RM1.89 billion in nominal value with a stable outlook. The tenure of the Restructured Sukuk is at least 24 years and up to 39 years from the issuance date with the programme expiring before July 17, 2053. No proceeds will be raised under the Restru...

MARC said today that the delay in the planned initial public offering (IPO) by Malakoff Corporation Berhad (Malakoff), the parent company of Malakoff Power Berhad (MPower), will have no immediate impact on the AA-IS/Stable and MARC-1IS/Stable ratings on MPower’s RM5.4 billion Sukuk Murabahah and RM300 million Islamic commercial papers (ICP) programme. The ratings, which were assigned on...

MARC has affirmed its A+IS and MARC-2ID/A+ID ratings on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes (Sukuk Ijarah MTN) and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCP/MMTN) facilities. The ratings carry a stable outlook. The affirmed ratings reflect Alam Maritim’s established and leading position in the domestic offsh...

MARC has affirmed its 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 toll concessionaire and operator of the 25.5-kilometre interlinked tolled roads comprisin...

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 a funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT), an equal joint venture between national oil companies of Malaysia and Thailand, namely Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (PTT) respectively. The sukuk was issued to fu...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AAA and Islamic debt rating of AAAID for the outstanding RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The outlook on the ratings is stable. The ratings continue to incorporate an uplift from TNB’s standalone credit strength to reflect the high likelihood of government support premised on the company’s critical ...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk issued under its 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 concession holder of the 11.5-kilometre Cheras-Kajang Highway. Cerah Sama also acts as the investment vehicle of its major shareh...