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MARC Ratings has assigned final ratings of MARC-1IS/AA-IS to Johor Port Berhad’s (JPB) Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes with a combined aggregate limit of RM1.0 billion. The long-term rating carries a stable outlook.The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed...
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MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s outstanding Sukuk Wakalah of RM3.6 billion with a stable outlook.The affirmed rating is underpinned by the strength of Southern Power’s 21-year power purchase agreement (PPA) under which demand risk is allocated to offtaker Tenaga Nasional Berhad (AAA/Stable). Capacity payments (CP) under the PPA are designed to ...
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MARC Ratings has assigned a final rating of AA+IS to edotco Malaysia Sdn Bhd’s proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the prel...
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MARC Ratings has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. The rating affirmation incorporates PPSB’s strength as the operator of Penang Port, a key trade gateway port in northern Peninsular Malaysia, and its cash flow generation ability from handling container and conventional ca...
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MARC Ratings has assigned preliminary ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd’s RM700.0 million ICP/IMTN programmes with a stable outlook.The assigned ratings are primarily driven by the strength of Alam Flora’s 22-year concession agreement (CA) with the Government of Malaysia that provides revenue visibility until 2033. The ratings also incorporate the group’s expertise and lengthy o...
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MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. There is no further drawdown expected, but any new drawdown will require a re-assessment of the rating.SHC Capital is a wholly-owned funding vehicle of Tunas Cool Energy Sdn Bhd (TUNAS), a subsidiary of Sin ...
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MARC Ratings has assigned preliminary ratings of MARC-1IS/AA-IS to port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) Programme with a combined limit of up to RM1.0 billion. The long-term rating carries a stable outlook. The company operates Johor Port, a gateway port in Pasir Gudang, under a concession agreement expiring on December 31, 20...
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MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of RM245.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with large-scale solar projects in Kuala Muda, Kedah. The solar power plants have a combined capacity of 49MW.&...
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MARC Ratings has affirmed its rating of AA-IS on SAJ Capital’s Sdn Bhd’s Sukuk Murabahah of up to RM650 million with a stable outlook.SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns an 80%-stake in Ranhill SAJ Sdn Bhd, an exclusive provider of treated water in Johor. As the dividends from Ranhill SAJ form the source of the profit and principal repayments of...
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MARC Ratings has withdrawn its AAIS rating on Ranhill Powertron II Sdn Bhd’s (RPII) RM360.0 million Tranche 1 under the RM710.0 million Islamic Medium-Term Notes (IMTN) programme. The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent.The rating agency’s analytical coverage on RPII’s IMTN programme is now limited to the outstanding RM350.0 million...
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