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MARC has assigned its rating of AAAIS to Bank Pembangunan Malaysia Berhad’s (Bank Pembangunan) RM5.0 billion Islamic Medium-Term Notes Programme. Concurrently, the rating agency has affirmed Bank Pembangunan’s financial institution (FI) rating at AAA. The ratings carry a stable outlook.Bank Pembangunan’s status as a wholly government-owned development financial institution (DFI) and its key ...
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MARC has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk with regard to security ranking and payment pr...
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MARC has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV)
RM1.0 billion Sukuk Wakalah Programme with a stable outlook. KAJV is a
single-purpose company undertaking the Kuala Terengganu Utara (KTU) water
supply project for the Terengganu State Government.The rating reflects
the credit strength of the Terengganu State Government to meet the
unconditional and irrevocable payment o...
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MARC has assigned preliminary ratings of AAIS/AA to special purpose vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) proposed Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The assigned ratings apply to ringgit-denominated sukuk/notes issued under the programme.Wholly owned by OSK Holdings Berhad (OSK)...
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MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM240.0 million. The rating outlook is stable. The rating is mainly driven by UiTM Solar’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under which the demand risk is largely eliminated as the national power company wil...
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MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding Islamic securities (sukuk) of RM1.415 billion. The rating carries a stable outlook. TNB Northern is a funding vehicle of TNB Prai Sdn Bhd which owns and operates a 1,071.43-MW combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang under a 21-year power purchase agreement (PPA) with...
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MARC has assigned a preliminary rating of AAAIS to Pengerang LNG (Two) Sdn Bhd’s (PLNG2) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. The rating outlook is stable. PLNG2 owns a regasification terminal, Regasification Terminal Pengerang (RGTP), through which natural gas is supplied to the Pengerang Integrated Complex (PIC). It has a regasification capacity of u...
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MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook. BEWG is a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL) and was awarded a design-and-build contract to refurbish and upgrade the Kemaman Water Project by the Terengganu state government. Upon completion of the project, BEWG will be entitled t...
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MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) sukuk of up to RM4.0 billion. The rating carries a stable outlook. The rating is equalised to its ultimate parent Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable based on the unconditional and irrevocable rolling guarantee from TNB to fund shortfalls in the finance service account during t...
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MARC has assigned a sub-sovereign credit rating of AAA with a stable outlook to the state of Sabah. The rating reflects Sabah’s resource riches, relatively strong fiscal position and liquidity buffer. Contributing about 18% towards Malaysia’s overall primary sector output, Sabah has consistently generated fiscal surpluses even during major global crises. According to the latest available data,...
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