Ratings for Tenaga Nasional Berhad reflect the utility’s strategic importance to Malaysia’s economy and national security given its role as principal supplier of electricity in the country and an acceptable level of financial risk for the rating category. The outcome of current gas price discussions with Petronas Gas Berhad will however have a significant impact on the utility’s financials s...

The rating on Kelang Multi Terminal Sdn Bhd (KMT) reflects strong business fundamentals and operational efficiency, complemented by improving profitability indicators. Offsetting this is the high, albeit moderating, gearing levels.Incorporated in 1990, KMT is the operator of Westport under the privatization agreement signed with the government in 1994. Located in Port Klang, Westport is a deep wat...

Gas District Cooling (KLIA) Sdn Bhd’s (GDC KLIA) reaffirmed ratings reflect the captive offtake demand for its chilled water and electricity; strong shareholder support; low operation risk and improved financial performance. The ratings are, however, moderated by the credit quality of its offtakers and its high, though declining debt leverage. GDC KLIA operates and maintains the District Cooli...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed PETRONAS Gas Berhad’s (PGB) RM900.0 million Al-Murabahah Commercial Paper/Medium Term Notes Programme (1999/2004) ratings at MARC-1ID / AAAID and the RM500.0 million Al-Bai Bithaman Ajil Bonds Issuance Facility (1999/2004) at AAAID. PGB’s Issuer Ratings have also been reaffirmed at AAA / MARC-1. The reaffirmed ratings are supported by t...

The rating of MARC-1 has been reaffirmed, reflecting Kertih Terminals Sdn Bhd’s (KTSB) better-than-projected financial position, stable and predictable cash flows generated by take-or-pay contracts for terminal usage, financially strong and experienced project sponsors and the highly qualified senior management team.KTSB was incorporated to undertake the construction and operation of a Centrali...

The affirmation on the rating of AA ID (Double AA Islamic Debt)/MARC-1 ID for Puncak Niaga (M) Sdn Bhd’s ABBA serial bonds and MuCP/MTN programme reflects the monopolistic nature of the water industry, unfaltering demand fundamentals for treated water, continued favorable project risk allocations via its concession structure, satisfactory operating performance of its water treatment plants (WTP)...

ARL Tenaga Sdn Bhd’s (ARLT) AID rating affirmation reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; the presence of a long-term fuel supply contract which eliminates supply disruption risk; the adoption of proven engine design and well-developed operating methods for its plant and an issue structure which promotes t...

MARC has assigned an Islamic Debt rating of AA+(s)ID (double A plus, support; Islamic Debt) in respect of Kuching Port Authority’s (KPA) issue of RM180 million Al-Bai Bithaman Ajil Islamic Debt Securities. The rating reflects the strength of the support provided by the State Government of Sarawak (vide its Letter of Support dated 30 November 2001) in ensuring the timely and full redemption of t...

Malaysian Rating Corporation Berhad (MARC) has assigned an Islamic debt rating of AA+ID (double A plus, Islamic Debt) to Tenaga Nasional Berhad’s (TNB) proposed RM2.0 billion Al-Bai Bithaman Ajil Bonds (2001/2021). The rating reflects TNB’s strategic importance to Malaysia’s economy and national security given its role as principal supplier of electricity in the country. TNB’s near term...

MARC has assigned a long term rating of A to Puncak Niaga Holding Bhd’s (PNHB) RM546.88 million Redeemable Unconvertible Junior Notes (RUN) with detachable warrants. Proceeds from the new debt offering will be used to fund PNHB’s subscription of subsidiary, Puncak Niaga (M) Sdn Bhd’s (PNSB) junior notes A (A notes). PNHB’s RUN are rated the same as PNSB’s A notes. The RUN’s rating r...