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MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) with a stable outlook. The affirmed rating incorporates a two-notch support uplift from KEV’s standalone credit profile to reflect MARC’s expectation of a very high probability of parental support from Tenaga Nasional Berhad (TNB) (rated AAA/Stable). The rating agency&rs...
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MARC has assigned a final rating of AA+IS to Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (Sukuk) 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 AA+IS was base...
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MARC has assigned a preliminary rating of AA+IS to Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (Sukuk) with a stable outlook. The Sukuk issuance will be mainly utilised to refinance the company’s existing Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) facility which currently has an outstanding amount of RM1.51 billion which is due to fully mature by 2019...
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MARC has affirmed the rating of AA-ID on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna' Serial Bonds) with a stable outlook. The rating action affects RM190 million of outstanding Istisna' Serial Bonds. Bayu Padu, formerly special purpose funding entity of SapuraCrest Petroleum Bhd (SapuraCrest), became a wholly-owned subsidiary of SapuraKencana Petroleum...
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MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The affirmed rating reflects the sustained improvement in KEV’s operating performance since MARC’s last rating action, as well as the very high probability of support from Tenaga Nasional Berhad (TNB). The...
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MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The affirmed rating takes into account the recent improvement in KEV’s operating and financial performance, as well as the rating agency’s expectation of a very high probability of parental support from Te...
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MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The rating has been affirmed despite KEV's weak liquidity and second consecutive year of losses on MARC's expectation of ongoing support from Tenaga Nasional Berhad (TNB), KEV's ultimate holding company. MARC notes th...
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MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID and has revised the rating outlook to stable from developing. The revised outlook reflects anticipated improvement in KEV's earnings, with most operational issues of the plant being addressed as well as better electricity demand expected in...
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MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID. The rating carries a developing outlook. Concurrently, MARC has removed the rating from MARCWatch Negative placement where it had been placed since July 2008 on concerns linked to the unresolved technical issues at Kapar Power Station (KPS...
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MARC’s AA+ID ratings on Kapar Energy Venture’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) remains on MARCWatch Negative pending completion of our on-going rating review. The BaIDS had been placed on MARCWatch Negative on July 22, 2008 due to concerns arising from the continued failure of Kapar Power Station (KPS) to maintain acceptable rolling aver...
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