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MARC has affirmed its rating of AAA on Inverfin Sdn Bhd’s outstanding RM160 million Tranche A notes under its RM200 million Medium-Term Notes (MTN) programme. The rating outlook has been revised to stable from negative.The outlook revision reflects the significant improvement in occupancy level of the collateral property, Menara Citibank, which has eased pressure on rental income. At end-2019, t...
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MARC is issuing this update on Southern Power Generation Sdn Bhd’s (SPG) Sukuk Wakalah to highlight the potential impact from a force majeure declaration made by the engineering, procurement and construction (EPC) contractor on the 2x720MW combined cycle gas-fired power plant project being undertaken by the company in Pasir Gudang. The declaration arose from the imposition of the Movement Contro...
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MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under its Sukuk Murabahah programme of up to RM1.0 billion. The ratings outlook is stable. The affirmed ratings reflect UEM Edgenta’s strong business and financial profile, stemming mainly from long-term contracts in its growing regional healthcare ...
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MARC has affirmed its rating of AA-IS on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook.JEP operates a 2x1,000-megawatt (MW) ultra-supercritical coal-fired power plant in Jimah, Negeri Sembilan. The affirmed rating incorporates (1) the predictable cash flows from the power plant, (2) a manageable repayment profile that matches JEP’s availabili...
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MARC has affirmed its A+IS rating on toll concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The outlook on the rating remains developing. To date, the proposed takeover of the four highway concession assets under Gamuda Berhad including SPRINT is still unresolved. The cut-off date to negotiate and finalise the terms of the d...
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MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the People’s Republic of China, based on its national rating scale. The AAA rating reflects several of China’s credit strengths, including a relatively resilient economy, which is large and well-diversified. China also has ample foreign exchange reserves — the world’s largest — to buffer against e...
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MARC has affirmed its MARC-1IS /AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion with a stable outlook. The ratings reflect PDB’s leading market position in the domestic downstream petroleum products segment and its healthy financial metrics, particularly strong liquidity and a conservat...
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MARC has affirmed its AA-IS rating on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. The affirmed rating remains driven by MMC’s significant strength in ports and logistics, engineering, and utilities operations that continue to be steadily strengthened. Underpinned by long-term concessions (ports and utilities) and sizeable government...
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MARC has affirmed its AA-IS rating on Cerah Sama Sdn Bhd’s RM420 million sukuk. The rating outlook is stable. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway.The rating affirmation reflects (1) Cerah Sama’s resilient cash flows and revenue, underpinned by Cheras Kajang Highway’s steady traffic growth; (2) its strong ...
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MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook. MPower is the operations and maintenance (O&M) operator of its parent company Malakoff Corporation Berhad’s (Malakoff) majority-owned domestic power plants. The rating considers the consolidated credit profile of MPower and Malakoff, in view of the strong operati...
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