MARC has received confirmation that Kimanis Power Sdn Bhd’s (KPSB) third generating block (GB3) has achieved its commercial operation date (COD) on November 7, 2014 after successfully completing its third reliability run. This has addressed concerns the rating agency had which were highlighted in an update on October 28, 2014 following GB3’s inability to achieve COD after two rounds o...

MARC has issued this update as part of its ongoing monitoring of Kimanis Power Sdn Bhd’s (KPSB) 285-megawatt combined-cycle gas fired power plant project in Kimanis Bay, Sabah. The sukuk currently has a rating of AA-IS with a stable outlook. The power plant’s third generating block (GB3) has failed to declare a commercial operation date (COD) after two rounds of reliability runs due to...

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. The rating incorporates the impending commencement of full commercial operations of KPSB’s 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay in Sabah and its long-term power purchase agreement (PPA) with a creditworthy utility, Sabah Electr...

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. The rating reflects an anticipated base-load position of the project, a 285-megawatt (MW) combined-cycle gas turbine power plant in Kimanis Bay, on the Sabah state's electricity dispatch curve. Other credit strengths of the project include its supportive long-term p...

MARC has assigned a final rating of AA-IS with a stable outlook to Kimanis Power Sdn Bhd’s (Kimanis) RM1.16 billion Sukuk Programme upon the receipt of final documentation for its forthcoming issuance. The terms and conditions of the Sukuk Programme have not changed in any material way from the draft documents on which the earlier preliminary rating of AA-IS was based. Full details on the as...

MARC has assigned a preliminary rating of AA-IS to Kimanis Power Sdn Bhd’s (Kimanis) RM1.16 billion Sukuk Programme. The outlook on the rating is stable. Kimanis is a 60:40 joint venture between PETRONAS Gas Berhad and Sabah state-owned entity NRG Consortium (Sabah) Sdn Bhd (NRG). NRG is an indirect wholly-owned subsidiary of Sabah state’s investment arm Yayasan Sabah Group (YSG).Kiman...