MARC has removed Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green SRI Sukuk rating from MARCWatch Negative. Concurrently, the rating has been maintained at A+IS with a stable outlook. The rating action follows the confirmation from Suruhanjaya Tenaga vide letter dated July 15, 2019 that QSP Semenanjung’s solar power plant in Merchang has achieved Commercia...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah with a stable outlook. KEV is a 60.0%-owned subsidiary of Tenaga Nasional Berhad (TNB) (AAA/Stable). KEV owns and operates Kapar Power Station which has four generating facilities with a combined nominal capacity of 2,420MW. The power plant has continued to face operational challenges du...

MARC has assigned a rating of AA-IS to Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The assigned rating reflects the credit strength of the Terengganu state government to meet the unconditional and irrevocable payment obligations on the Facility Payment Certificates (FPC) issued for work done for the Kuala Terengganu Utara (KTU) water supply pro...

MARC has withdrawn its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 10-year Medium-Term Notes (MTN) Programme. The rating withdrawal follows the early cancellation of the programme, ahead of its expiration on June 30, 2020, as confirmed by the facility agent on July 8, 2019.  The...

MARC has issued this update on Jimah East Power Sdn Bhd (JEP) following the announcement of a delay in its power plant achieving commercial operation date (COD) as scheduled. JEP is developing a 2x1,000MW ultra-supercritical coal-fired power plant in Jimah, Negeri Sembilan under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB). Upon completion of construction, JEP will o...

MARC has affirmed its ratings of AA-IS and A- on toll concessionaire MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and RM150 million Junior Bonds issuance (Junior Bonds). The three-notch rating differential between the Sukuk Murabahah and Junior Bonds reflects the latter’s subordinated position, its deferred profit payment risk and its non-amortising repa...

MARC has affirmed its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musharakah Programme with a stable outlook. Westports’ outstanding amount under the sukuk programme stood at RM1.5 billion as at June 25, 2019.   Westports’ strong position as a key port ...

MARC has maintained its CIS rating on Talam Transform Berhad’s (Talam) outstanding RM45.6 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDs) as at June 27, 2019. The rating action considered the extension of the maturity date of the Settlement BaIDs by 18 months to December 28, 2020 from June 28, 2019. The distressed restructuring exercise was undertaken as Talam w...

MARC has lowered TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM300.0 million Sukuk Ijarah Medium-Term Notes (Sukuk Ijarah IMTN) programme rating of AA-IS to A+IS. The rating outlook is stable. TSH Ijarah is one of two special purpose funding vehicles set up by its parent, TSH Resources Berhad (TSH). The other funding vehicle is TSH Sukuk Murabahah Sdn Bhd (TSH Murabahah), which has RM50.0 mill...

MARC has lowered TSH Sukuk Murabahah Sdn Bhd’s (TSH Murabahah) RM50.0 million Sukuk Murabahah Commercial Papers (Sukuk Murabahah ICP) rating of MARC-1IS to MARC-2IS and RM150.0 million Sukuk Murabahah Medium-Term Notes (Sukuk Murabahah IMTN) programme rating of AA-IS to A+IS. The outlook is stable. TSH Murabahah is one of two special purpose funding vehicles set up by its parent, TSH Resou...