MARC has assigned a preliminary rating of AA+IS to Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (Sukuk) with a stable outlook. The Sukuk issuance will be mainly utilised to refinance the company’s existing Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) facility which currently has an outstanding amount of RM1.51 billion which is due to fully mature by 2019...

MARC has assigned a rating of AA-IS to Tanjung Bin O&M Berhad’s (formerly known as Sterling Asia Berhad) (Tanjung Bin O&M or the Issuer) RM470.0 million Islamic Securities (Sukuk Wakalah or Sukuk) with a stable outlook. The proceeds of the Sukuk issuance would be primarily utilised toward part-financing the acquisition costs of HICOM Power Sdn Bhd’s (HICOM Power) operations and...

MARC has assigned a final rating of AAAIS to TNB Northern Energy Berhad's (TNB Northern Energy) issuance of Islamic securities (sukuk) of up to RM2.0 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 p...

MARC has assigned MARC-1IS/AAAIS preliminary ratings to PETRONAS Dagangan Berhad’s (PDB) proposed issuance of up to RM2.0 billion Islamic Commercial Papers (ICP) and Islamic Medium Term Notes Programme (IMTN) (collectively Sukuk Murabahah Programme) with a stable outlook. The ratings are equalised with MARC’s public information ratings on Petroliam Nasional Berhad’s (PETRONAS) AA...

MARC has affirmed its ratings of AA+IS on both Westports Malaysia Sdn Bhd’s (Westports) sukuk issuances comprising Sukuk Musyarakah (Sukuk) Programme of up to RM2.0 billion and Sukuk Musyarakah Medium Term Notes (MTN) Programme of up to RM800 million. The outlook on both ratings is stable. The affirmed ratings take into account Westports’ competitive position as a leading port operator...

MARC has assigned a preliminary rating of AAAIS to TNB Northern Energy Berhad's (TNB Northern Energy) proposed issuance of Islamic securities (sukuk) of up to RM2.0 billion with a stable outlook. TNB Northern Energy is a wholly-owned funding vehicle of TNB Prai Sdn Bhd (TNB Prai) which in turn is wholly owned by national utility company, Tenaga Nasional Berhad (TNB). TNB Northern Energy is using t...

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), a 50:50 joint-venture between Petroliam Nasional Berhad (PETRONAS) and Thailand's PTT Public Company Ltd (PTT). The sukuk was issued to fund the construction of two gas pipelines to transport natur...

MARC has downgraded its 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/Murabahah Medium Term Notes (MCP/MMTN) programmes to A+IS and MARC-2ID /A+ID from AA-IS and MARC-1ID /AA-ID respectively, and revised the outlook of both ratings to stable from negative. The rating action aff...

MARC has affirmed the rating of AA-ID on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna' Serial Bonds) with a stable outlook. The rating action affects RM190 million of outstanding Istisna' Serial Bonds. Bayu Padu, formerly special purpose funding entity of SapuraCrest Petroleum Bhd (SapuraCrest), became a wholly-owned subsidiary of SapuraKencana Petroleum...

MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The affirmed rating reflects the sustained improvement in KEV’s operating performance since MARC’s last rating action, as well as the very high probability of support from Tenaga Nasional Berhad (TNB). The...