KUALA LUMPUR: Malaysian Rating Corporation Bhd (MARC) has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1.16 billion Sukuk Programme with a stable outlook. KPSB is the owner of a 285-megawatt combined-cycle gas-fired power plant at Kimanis Bay, Sabah while SESB is an 83 per cent-owned subsidiary of Tenaga Nasional Bhd, which has a senior unsecured debt rating of AAA/Stable from MARC. The power plant’s operations have continued to meet the PPA requirements in relation to heat rate and unscheduled outage rate. As at December 31, 2016, MARC said KPSB’s finance service cover ratio stood at 2.1 times against a covenant of 1.25 times. The stable outlook incorporates the rating agency’s expectations that KPSB would maintain its commendable plant performance within the PPA requirements.

Source: New Strait Times September 13, 2017 08:48 UTC