MARC has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s two Islamic Commercial Papers and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2) with a stable outlook. Each of the ICP/IMTN programmes has a limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. UEM Sunrise’s long-term rating benefits from a one-notch uplift for parental s...

MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding vehicle of TNB Manjung Five Sdn Bhd, a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB) and which was awarded a 25-year power purchase agreement (PPA) in 2013. The rating and outlook of TNB Western Energy are equalised with TNB’s c...

MARC has withdrawn its ratings of MARC-1IS/AA-IS on Serba Dinamik Holdings Berhad’s RM1.5 billion multi-currency Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programmes on early redemption. The ratings carried a stable outlook. The ratings withdrawal is at the request of the issuer, following early redemption of the outstanding under the programmes on December 19, 2019. ...

MARC has assigned a final rating of AA-IS with a stable outlook to Penang Port Sdn Bhd’s (PPSB) proposed Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion. Upon review of the final documentation for the programme, MARC is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the earlier preliminary rating of AA-...

MARC has affirmed its AAIS rating on ANIH Berhad's RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032. Its toll concession for Kuala Lumpur-Seremban Expressway (KL-Seremban) ended on May 31, 2018; the impact to ANIH, however, is minimal. The affirmed ...

MARC has withdrawn its rating of A+IS on DRB HICOM Berhad’s RM1.8 Billion Islamic Medium-Term Notes Programme. The rating withdrawal follows the early redemption of the outstanding amount of RM1.8 billion on December 12 and subsequent cancellation of the programme on December 16, 2019, as confirmed by the facility agent. MARC’s analytical coverage on DRB HICOM is now limited to the fo...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook.  The rating reflects MARC’s assessment of a very high likelihood of support for this strategically important, government-to-government Trans Thailand-Malaysia (TTM) project from project sponsors, Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd ...

MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook.  The rating reflects the credit strength of the issuer’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking in the form of cash deficiency support to top up any shortfall in the finance ser...

MARC has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA, and its Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion at AAIS. The ratings outlook is stable. The affirmed corporate credit rating is driven by SD Plantation’s strong cash flow generating ability from its sizea...

MARC has assigned a final rating of AA-IS with a stable outlook to AZRB Capital Sdn Bhd’s proposed RM535.0 million Sukuk Murabahah Facility.  Upon review of the final documentation for the facility, MARC is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the ear...