MARC Affirms Tanjung Bin O&M’s MYR 470 Million Sukuk Wakalah Rating at AA-IS; Stable Outlook

Malaysian Rating Corporation (MARC) has affirmed its rating of Tanjung Bin O&M’s MYR 470 million Islamic Securities (Sukuk Wakalah) at AA-IS, with a Stable Outlook.

Tanjung Bin O&M is a Malaysian-based electric energy provider. The rating reflects the credit strength of Tanjung Bin O&M’s parent Malakoff Power (MPower), which provides unconditional support to make up any cash shortfall for the Sukuk Wakalah.

The rating is supported by the steady revenue stream that Tanjung Bin O&M generates as the services provider of the 2,100 MW power plant owned by Tanjung Bin Power (TBP). The rating also considers the partial transfer of operational risks to MPower via a sub-operations and maintenance agreement.

Tanjung Bin O&M’s rev...