MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS Berhad holds a portfolio of tolled expressways, of which the North-South Expressway (NSE) is its largest revenue source.The affirmed rating continues to incorporate a two-notch rating uplift from PLUS Berhad’s standalone rating...

MARC has assigned a final rating of AAAIS to TNB Western Energy Berhad's (TNB Western Energy) sukuk issuance of up to RM4.0 billion with a stable outlook. Upon review of the final documentation of the forthcoming sukuk issuance, MARC is satisfied that the terms and conditions of the sukuk have not changed in any material way from the draft documents on which the earlier preliminary rating of AAAIS...

MARC has affirmed its BBIS and B-IS ratings on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion nominal value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk) Programme respectively with a negative outlook. MARC subsequently has withdrawn all ratings on SDEB at the issuer’s request...

MARC has withdrawn its AA-IS  rating on Malakoff Power Berhad's (MPower) RM5.6 billion Murabahah Securities Facility upon full early redemption. The outstanding obligations under the Murabahah Securities Facility were fully refinanced with a new issuance of RM5.38 billion Sukuk Murabahah on December 17, 2013.Going forward, MARC’s rating surveillance on MPower will be limited to the Suku...

MARC has assigned a preliminary rating of AAAIS to TNB Western Energy Berhad’s (TNB Western Energy) proposed issuance of 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 in turn is wholly owned by national utility company Tenaga Nasional Berhad (TNB). TNB Manjung...

MARC has withdrawn its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) respectively upon full early redemption of the outstanding notes.The outstanding Senior Sukuk and Junior Bonds were fully refinanced with new issuances under a RM2.3...

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

MARC has assigned a final rating of AA-IS with a stable outlook to Malakoff Power Berhad’s (MPower) Sukuk Murabahah of up to RM5.4 billion. 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 rating of AA-IS was ...

MARC has affirmed its AAAID long-term 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 rating reflects the continued support of parent company Putrajaya Holdings Sdn Bhd (PJH) and ultimate holding company Petroliam Nasional Berhad (PETRONAS) which enables GDC Putrajaya to ...

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 of KPA benefits from state support and is aligned to MARC’s public information rating on the Sarawak State Government (SSG) of AAA/Stable. KPA is the operator of Kuching Port.MARC’s assessment of high...