MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. TNB Northern Energy is an indirect wholly-owned subsidiary of Tenaga Nasional Bhd (TNB) and was established to undertake the construction of a 1,071.43-megawatt combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang, under a...

MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern Energy) Islamic securities (sukuk) of RM1.625 billion with a stable outlook. The rating and outlook are equalised with those of the project sponsor, Tenaga Nasional Berhad (TNB), which has provided credit substitution in the form of explicit project completion support and rolling guarantees in favour of the sukukholde...

MARC has assigned a final rating of AAAIS to TNB Western Energy Berhad's (TNB Western Energy) sukuk issuance of up to RM4.0 billion with a stable outlook. Upon review of the final documentation of the forthcoming sukuk issuance, MARC is satisfied that the terms and conditions of the sukuk have not changed in any material way from the draft documents on which the earlier preliminary rating of AAAIS...

MARC has assigned a preliminary rating of AAAIS to TNB Western Energy Berhad’s (TNB Western Energy) proposed issuance of Islamic Sukuk (sukuk) of up to RM4.0 billion  with a stable outlook. TNB Western Energy is a wholly-owned funding vehicle of TNB Manjung Five Sdn Bhd (TNB Manjung Five) which in turn is wholly owned by national utility company Tenaga Nasional Berhad (TNB). TNB Manjung...

MARC has assigned a final rating of AAAIS to TNB Northern Energy Berhad's (TNB Northern Energy) issuance of Islamic securities (sukuk) of up to RM2.0 billion with a stable outlook. Upon review of the final documentation of the forthcoming sukuk issuance, MARC is satisfied that the terms and conditions of the sukuk have not changed in any material way from the draft documents on which the earlier p...

MARC has assigned a preliminary rating of AAAIS to TNB Northern Energy Berhad's (TNB Northern Energy) proposed issuance of Islamic securities (sukuk) of up to RM2.0 billion with a stable outlook. TNB Northern Energy is a wholly-owned funding vehicle of TNB Prai Sdn Bhd (TNB Prai) which in turn is wholly owned by national utility company, Tenaga Nasional Berhad (TNB). TNB Northern Energy is using t...