[MARC] MARC Ratings assigns preliminary ratings to Northport’s proposed RM1.0 billion Sukuk Wakalah Programmes

MARC Ratings has assigned preliminary ratings of MARC-1IS/AAIS to Northport (Malaysia) Bhd’s proposed RM1.0 billion Islamic Commercial Papers (ICP) Programme/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah Programmes). The ICP programme has a sublimit of RM500 million. The long-term rating outlook is stable. Proceeds from issuances under the proposed Sukuk Wakalah Programmes will mainly be used to fund Northport’s capex over the next three years.

Northport’s existing RM1.5 billion Sukuk Musharakah Programme (AAIS/Stable), under which no sukuk is outstanding, will be terminated upon the establishment of the proposed Sukuk Wakalah Programmes.

MARC Ratings views that there has been no material change in Northport’s credit profile since the last review in November 2024. The full credit analysis report dated November 12, 2024, is available at https://online.marc.com.my/.

Cyndy Goh, +603-2717 2941/ cyndy@marc.com.my
Vanessa Leong, +603-2717 2931/ xinyue@marc.com.my
Taufiq Kamal, +603-2717 2951/ taufiq@marc.com.my