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MARC Ratings has placed its AAIS rating on toll road concessionaire ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah programme on MARCWatch Negative. The rating action has been precipitated by issues that were raised during the sukukholders’ meeting held on May 9, 2023, in the wake of the new supplemental concession agreement (SCA) ANIH had entered with the government for its Kuala Lum...
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MARC Ratings is providing this update on ANIH Berhad in connection with the concessionaire’s new supplemental concession agreement (SCA) with the government. The SCA follows ANIH’s existing concession agreement on Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) expiring in 2032. ANIH currently has an outstanding RM1.48 billion sukuk under the existing RM2.5 bi...
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MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion with a stable outlook. Yinson’s established track record in providing floating, production, storage and offloading vessels (FPSOs) for the oil and gas industry, its strong earnings visibility from sizeable charter contracts, and healthy profit margins remain k...
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MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding RM485.0 million Sukuk Programme. The outlook on the rating is stable. KPSB’s 285MW combined-cycle gas plant has continued to perform in line with our expectations, meeting all stipulated requirements under its 21-year power purchase agreement (PPA) with offtaker, Sabah Electricity Sdn Bhd (SESB). In 20...
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MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM775.0 million Green Sustainable and Responsible Investment Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu.In 2022, energy generation from the Merchang plant surpassed its P90 projection...
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MARC Ratings has affirmed its rating on Ranhill Powertron II Sdn Bhd’s (RPII) RM350.0 million Islamic Medium-Term Notes (IMTN) at AAAIS(bg) with a stable outlook. The affirmation reflects the unconditional and irrevocable guarantee from Bank Pembangunan Malaysia Berhad (BPMB) which carries a financial institution rating of AAA/Stable from MARC Ratings. BPMB replaced Danajamin Nasional Berhad (Da...
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MARC Ratings has assigned preliminary ratings of MARC-1IS/AAAIS to PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined limit of up to RM10.0 billion in nominal value. The ratings outlook is stable. PDB’s well-established domestic track record in the retailing and marketing of petroleum products and its v...
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MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds with a stable outlook.Kesturi benefits from its highway routes linking matured and densely populated areas, such as Damansara, Mont Kiara, Sri Hartamas, Ulu Kelang and Setiawangsa, with the ...
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MARC RATINGS ASSIGNS FINAL RATINGS OF MARC-1IS/AAIS TO ALAM FLORA’S RM700.0 MILLION SUKUK PROGRAMMES
MARC Ratings has assigned final ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes. The ratings outlook is stable. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way from the draft documenta...
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MARC Ratings has revised the outlook on UiTM Solar Power Sdn Bhd’s outstanding RM192.3 million Green SRI Sukuk to stable from negative. The rating on the sukuk is maintained at A+IS.The outlook revision considers the improvement in UiTM Solar’s liquidity and cash flow coverage metrics following the full receipt of insurance proceeds of RM20.0 million in December 2022 for equipment damage and b...
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