Rating Announcements

MARC Ratings has upgraded its rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme to AAIS(cg) from AA-IS(cg) and accordingly revised the rating outlook to stable from positive. The rating reflects the credit strength of Point Zone’s parent KPJ Healthcare Berhad (KPJ) which has provided an unconditional and irrevocable guarantee on the sukuk programme. […]

MARC Ratings has assigned a final rating of AIS to Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme. The rating outlook is stable. 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

MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding Sukuk Wakalah of RM3.2 billion with a stable outlook. Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang, Johor. The company is 70% indirectly owned by Tenaga Nasional Berhad (TNB) through its wholly-owned subsidiary TNB Power

MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS’ standalone rating and reflects the irrevocable and unconditional Letter of Undertaking (LoU) from the government that would cover any cash shortfall

MARC Ratings has assigned a final rating of AA-IS to special purpose vehicle WM Senibong Capital Berhad’s (WMSC) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM1.0 billion. The rating outlook is stable. WMSC is wholly owned by WM Senibong Sdn Bhd. The rating agency has reviewed the final documentation for the programme and

MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme with a stable outlook. The affirmation reflects ALR’s sound credit metrics, backed by ample liquidity and strong cash flow generation from its mature and resilient toll road assets, and supported by a tight transaction structure with no dividend

MARC Ratings has affirmed its AA-IS rating on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating affirmation is premised on the strength of the credit profile of MMC Port’s port subsidiaries which have healthy operating track records and strong cash flow generation abilities that provide dividend income

MARC Ratings has assigned a final rating of MARC-1 to Merchantrade Asia Sdn Bhd’s (Merchantrade) Multi-Currency Commercial Papers Programme of up to RM200 million in nominal value. The rating is confined to the ringgit-denominated issuance under the programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms

MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga). Concurrently, the long-term rating outlook has been revised to positive from stable. The outlook revision reflects the positive outcome from Kenanga’s revenue diversification strategy that has improved its overall profitability metrics and provides headroom against