MARC has downgraded Talam Transform Berhad’s (Talam) RM134.2 million Settlement Bithaman Ajil Islamic Debt Securities (BaIDs) rating to CIS from B-IS. The downgrade reflects the increased uncertainty of Talam’s ability to meet its upcoming final BaIDs payment of RM52.1 million on June 28, 2019. Talam has been undertaking asset disposals, particularly land parcel sales in the Klang Valley...

MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM190.0 million outstanding Islamic Medium-Term Notes (IMTN) and RM350.0 million outstanding guaranteed IMTN at AAIS and AAAIS(fg). The outlook on the ratings is stable. The rating on the guaranteed IMTN reflects the unconditional and irrevocable Kafalah guarantee provided by financial guarantee insurer Danajamin Nasion...

MARC has affirmed its rating of AA+IS 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) which owns and operates Kapar Power Station (KPS), the largest domestic multi-fuel thermal power station. KPS has four generating facilities (GF) with a combined nominal capacity of 2,420 megawatts (MW). ...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) outstanding Islamic securities (sukuk) of RM1.535 billion with a stable outlook. The rating and outlook are equalised with those of TNB Northern Energy’s ultimate parent, Tenaga Nasional Berhad (TNB) on which MARC currently has a senior unsecured rating of AAA/Stable. The rating equalisation is based on fin...

MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the Republic of Korea (South Korea), based on its national rating scale. The rating reflects South Korea’s economic resilience, sound fiscal position and strong external position. Its rating strengths are, however, tempered by its rapidly ageing population and geopolitical risk stemming from North Ko...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. KPSB is the owner of the 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay, Sabah. The rating affirmation is underpinned by the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with offtaker Sabah Electricity Sdn Bhd (SES...

MARC has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA, and accordingly affirmed its Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion at AAIS. The ratings outlook is stable. SD Plantation benefits from a one-notch rating uplift for implicit support from major shareholder Permodalan Nasional Berhad (PNB), a government-linked...

MARC has affirmed its ratings of MARC-1IS and AAAIS on Gas Malaysia Berhad’s Islamic Commercial Papers (ICP) programme and Islamic Medium-Term Notes (IMTN) programme with a combined limit of up to RM700 million. The ratings outlook is stable. The affirmed ratings are mainly driven by Gas Malaysia’s dominant market position in gas distributorship in Peninsular Malaysia, a strong financial...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 10-year Medium-Term Notes Programme (MTN-1) and RM800.0 million 15-year Medium-Term Notes Programme (MTN-2). The rating carries a stable outlook. The combined outstanding amount under the programmes, which cannot exceed RM800 million at any time, stood at RM745.0 million as at end-August 2018. ...

MARC has assigned final ratings of MARC-1IS/AA-IS with a stable outlook to Serba Dinamik Holdings Berhad’s (Serba Dinamik) proposed RM500 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (collectively, the Sukuk Wakalah programmes) with a combined limit of RM1.5 billion. Upon review of the final documentation for the programm...