MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. The outstanding sukuk amounted to RM400 million as at end-December 2018.   The affirmed rating reflects MARC’s assessment of a very high likelihood of support from project sponsors, Petroliam Nasional&nbs...

MARC has affirmed its AA- rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes facility (MTN facility). The rating outlook has been revised to negative from stable. The revised outlook mirrors that of its parent WCT Holdings Berhad (AA-/negative) which has provided a cash deficiency support undertaking that was the basis of a one-notch rating uplift from Segi Astana’s...

MARC has affirmed its AA-IS rating on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. The rating reflects MMC’s longstanding track record and strong market position in key sectors of the domestic economy namely ports, engineering and utilities. Its ports and utilities divisions which are underpinned by long-term concessions, and its engineer...

MARC has affirmed its AAA(fg) rating on TRIplc Ventures Sdn Bhd’s (TVSB) RM240.0 million Senior Medium-Term Notes (Senior MTN) Programme with a stable outlook. As at January 30, 2019, the total outstanding notes under the rated programme stood at RM180.0 million. The rating reflects the credit strength of an unconditional and irrevocable guarantee provided by Danajamin Nasional Berhad (Danajami...

MARC has downgraded Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green SRI Sukuk rating to A+IS from AA-IS/Negative and concurrently placed the rating on MARCWatch Negative. The rating action reflects the heightened risk of termination of solar power purchase agreements (SPPAs) related to QSP Semenanjung’s Merchang and Jasin solar power plant projects follow...

MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s (Kinabalu Capital) Issue 1 of RM220 million Class A, RM40 million Class B and RM20 million Class C medium-term notes (MTN). The rating agency also affirmed its MARC-1 rating on the commercial papers (CP) of up to RM280 million under the issuance.&nbs...

MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) Green SRI Sukuk of up to RM240.0 million. The outlook on the rating is stable. UiTM Solar is the project owner of a greenfield solar power plant with a capacity of 50MWac in Gambang, Pahang. The project is 94.0% completed as at November 7, 2018, according to the independent consulting engineer and is expected to ...

MARC has affirmed its long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee and Investment Facility (CGIF) with a stable outlook. The ratings are based on Malaysia’s national rating scale. The affirmed ratings reflect CGIF’s strong capital and liquidity position which are underpinned by sound policy guidelines and governance structure established by the ...

MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes: RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS/stable; RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS/stable; RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS/stable The ratings affirmation is mainly premis...

MARC has affirmed its rating of AAIS on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. The affirmed rating incorporates a one-notch rating uplift based on the credit strength of BEWG’s parent Beijing Enterprises Water Group Limited (BEWGL), which has provided an unconditional and irrevocable corporate guarantee during the construction phase of the water tr...