Ranhill Powertron II rating

MARC has affirmed its ratings on Ranhill Powertron II’s RM240m outstanding Islamic Medium-Term Notes (IMTN) and RM350m outstanding guaranteed IMTN at AAIS and AAAIS(fg) respectively. The outlook on the ratings is stable.

RPII is an 80 per cent-owned subsidiary of Ranhill Capital and was established to build, own and operate Rugading Power Station, a 190-megawatt combined-cycle gas turbine power plant in Sabah, under a 21-year power purchase agreement (PPA). The rating on the guaranteed IMTN reflects the unconditional and irrevocable Kafalah guarantee provided by financial guarantee insurer Danajamin Nasional Berhad (Danajamin) on which MARC has an insurer financial strength rating of AAA/Stable.

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