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). The ratings outlook is stable. The ICP/IMTN programmes each has a programme limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. The ratings affirmation incorporates UEM Sunrise’s longstandin...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s RM420.0 million sukuk. Concurrently, the rating outlook has been revised to stable from negative. 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 incorporates Cheras-Kajang Highway’s steady traffic performance that remains suppo...

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. The outlook on the ratings is stable. The ratings affirmation reflects PDB’s strong financial metrics, characterised by its sound liquidity and strong leverage position. PDB’s ratings also incorporate hig...

MARC has affirmed its ratings of AA-IS and A- 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 in regard to security ranking and payment ...

MARC has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable. MISC is a key subsidiary of the national oil company Petroliam Nasional Berhad (PETRONAS). The affirmed rating benefits from a rating uplift from PETRONAS based on the significant operational and financial integration MISC has with its parent give...

MARC has withdrawn its DIS rating on Alam Maritim Resources Berhad’s RM500 million Sukuk Ijarah Medium-Term Notes (MTN) programme. The rating withdrawal is at the request of the issuer on February 6, 2019 following the completion of the restructuring exercise of the MTN as confirmed by the facility agent. The sukuk rating was downgraded to DIS on July 7, 2017 following a missed payment. ...

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 parent TNB Manjung Five Sdn Bhd, a wholly-owned subsidiary of TNB. The rating and outlook are equalised with Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable on the basis of the rolling guarantee and commitm...

MARC has affirmed its rating of AAIS on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable. The rating applies only to ringgit-denominated notes issued under the multi-currency sukuk. Fortune Premiere is a wholly-owned funding vehicle of IOI Properties Group Berhad (IOI Properties) which has provided a...

MARC has affirmed its AAIS rating on ANIH Berhad's RM2.5 billion Senior Sukuk Musharakah Programme. Concurrently, the rating outlook has been revised to stable from negative. 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. ...

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 reflects the consolidated credit profile of MPower and Malakoff in light of the strong operational...