MARC AFFIRMS RATINGS ON RANHILL POWER

16 Jul 2013 07:54

KUALA LUMPUR, July 16 (Bernama) -- Malaysian Rating Corp Bhd (MARC) has affirmed its AAAIS(bg) and AAAIS(fg) ratings on Ranhill Power Sdn Bhd's (RPSB) RM300 million bank guaranteed (Tranche 1) and RM500 million Danajamin Nasional Bhd (Danajamin) guaranteed (Tranche 2) Sukuk Musharakah.

The outlook for both ratings is maintained as stable.

"The rating on Tranche 1 reflects the credit strength of an unconditional and irrevocable guarantee provided by Maybank Islamic Bhd (MIB), which carries a MARC rating of AAA/stable.

"Tranche 2 reflects the credit strength of an unconditional and irrevocable Kafalah guarantee provided by Danajamin.

"MARC currently maintains an insurer financial strength rating of AAA/stable on Danajamin," it said in a statement today.

Following a corporate restructuring exercise, Ranhill Bhd group's interest in its water and oil & gas engineering subsidiaries have been disposed to RPSB.

Post-restructuring, RPSB has become an indirect wholly-owned subsidiary of a newly incorporated holding company, Ranhill Energy and Resources Bhd, which is expected to be listed on the main board of Bursa Malaysia Securities on July 31.

RPSB, the largest independent power producer in Sabah with a total generating capacity of 380 megawatt, accounts for 57.6 per cent of the state's total installed power capacity.

-- BERNAMA

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