MARC Affirms Trans Thailand-Malaysia Phase II’s MYR 600 Million Sukuk Murabahah AAAIS Rating; Stable Outlook

Malaysian Rating Corporation (MARC) has affirmed the AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) MYR 600 million Sukuk Murabahah, with a Stable Outlook. TTM SPV is wholly owned by Trans Thai-Malaysia (Thailand) Ltd (TTMT), which is a 50:50 joint-venture between the national oil companies of Malaysia (Petroliam Nasional, PETRONAS) and Thailand (PTT Public Company, PTT). TTM SPV is the funding vehicle for the second phase of the Trans Thailand-Malaysia project (TTM Phase II), which consists of two gas pipelines between Malaysia and Thailand.

MARC’s rating of the Sukuk Murabahah reflects a high likelihood of support from PETRONAS and PTT, which are the project sponsors, given the strategic importance of the pr...