MARC Affirms Ranhill Powertron II’s MYR 90 Million and MYR 350 Million Outstanding IMTN Ratings 

Malaysian Rating Corporation (MARC) has affirmed its ratings on Ranhill Powertron II’s (RPII) MYR 90 million outstanding non-guaranteed Islamic Medium-Term Notes (IMTN) at AAIS and MYR 350 million outstanding guaranteed IMTN at AAAIS(fg), with a Stable Outlook. RPII owns and operates a 190 MW combined-cycle gas turbine Rugading Power Station in Sabah, Malaysia under a 21-year Power Purchase Agreement (PPA) with Sabah Electricity Sdn Bhd (SESB).

Ratings Rationale

The AAIS rating on the MYR 90 million outstanding non-guaranteed IMTN reflects favourable terms under the PPA, which transfers demand risk and fuel price risk to the offtaker SESB, of which Tenaga Nasional Berhad (TNB) has an 83% stake. The rating also considers the commendable operatin...