MARC has assigned preliminary ratings of AA-IS and A- to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) proposed issuances of up to RM2,300 million in nominal value Islamic medium term notes programme (Sukuk Musharakah or Senior Sukuk) and RM180 million redeemable secured junior bonds (Junior Bonds) due 2034, respectively. The rating outlook is stable. Kesturi is the concession holder o...

MARC has withdrawn its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah Medium-Term Notes Programme of up to RM800.0 million. The withdrawal follows the early termination of the facility as confirmed by the facility agent RHB Investment Bank Berhad on September 9, 2013. No sukuk were outstanding under the facility prior to cancellation. MARC’s analytical covera...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk programme (sukuk) with a stable outlook. The rating reflects an anticipated base-load position of the project, a 285-megawatt (MW) combined-cycle gas turbine power plant in Kimanis Bay, on the Sabah state's electricity dispatch curve. Other credit strengths of the project include its supportive long-term p...

MARC has placed its AA-ID rating on Maju Expressway Sdn Bhd’s (MESB) RM550.0 million Islamic Medium Term Notes (IMTN) Programme on MARCWatch Negative. MESB holds the concession for the 26-kilometre Maju Expressway (MEX) which links the Kuala Lumpur City Centre with Putrajaya and Cyberjaya. This action is precipitated by 1) concerns over expected increases in financial leverage both at the pa...

MARC has affirmed its rating on Celcom Networks Sdn Bhd’s (CNSB) (formerly known as Celcom Transmission (M) Sdn Bhd) RM5.0 billion Sukuk Murabahah Programme at AAAIS with a stable outlook. CNSB is the owner of Celcom Axiata Berhad Group’s (Celcom Group) network assets and serves primarily as a network service provider to parent company Celcom and fellow subsidiary Celcom Mobile Sdn Bhd...

MARC has affirmed the ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM350 million guaranteed notes and RM360 million non-guaranteed notes issued under its RM710 million Islamic Medium Term Notes (IMTN) Programme at AAAIS(fg) and AAIS  respectively. The outlook for both ratings is stable. RPII is the special purpose project company that operates the 190- megawatt combined-cycle gas turbin...

MARC has affirmed its AAAIS(bg) and AAAIS(fg) ratings on Ranhill Power Sdn Bhd’s (RPSB) RM300 million bank guaranteed (Tranche 1) and RM500 million Danajamin Nasional Bhd (Danajamin) guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The outlook for both ratings is maintained at stable.The rating on Tranche 1 reflects the credit strength of an unconditional and irrevocable guar...

MARC has withdrawn its BBB+IS  and MARC-3ID /BBB+ID ratings on Tanjung Langsat Port Sdn Bhd’s (TLP) RM250.0 million Sukuk Musyarakah Bonds and RM135.0 million Musyarakah Commercial Papers/Musyarakah Medium  Term  Notes  Programme (MCP/MMTN) respectively. The withdrawal follows the early redemption of all outstanding amounts and the cancellation of the aforementioned facil...

MARC has assigned a final rating of AA+IS to Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (Sukuk) 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 AA+IS was base...

MARC has downgraded its 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 to BBIS and B-IS from BBB+IS and BBIS respectively. The outlook on the ratings remains negative. The rating action reflects insuffi...