(Source: Malaysian Rating Corporation Berhad) Posted Date: August 10, 2016 MARC has affirmed its AA- rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The affirmed rating is underpinned by the favourable terms of KPSB's 21-year power purchase agreement (PPA) with the offtaker, Sabah Electricity Sdn Bhd (SESB) under which demand risk is transferred to the offtaker. SESB is an 83%-owned subsidiary of Tenaga Nasional Berhad (TNB), which has a senior unsecured debt rating of AAA/Stable. The affirmed rating incorporates Kimanis power plant's commendable operating performance in meeting PPA requirements in relation to the heat rate and...