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4-Traders Homepage  >  Equities  >  BURSA MALAYSIA  >  Tenaga Nasional Bhd    TENA   MYL5347OO009

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Tenaga Nasional Bhd : Moody`s assigns A3 rating to Tenaga`s proposed sukuk notes

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10/13/2016 | 12:21pm CEST

Moody`s Investors Service has assigned a provisional (P)A3 rating to power giant Tenaga Nasional Bhd unit`s proposed sukuk notes to be issued under the US$2.5bil multi-currency sukuk issuance programme.

The sukuk programme was established by TNB Global Ventures Capital Berhad, a special purpose

vehicle set up in Malaysia by Tenaga (A3 stable).

The ratings agency said on Wednesday the rating outlook is Stable.

The proposed sukuk will represent the first drawdown under the programme, which is rated (P)A3 and is in line with Tenaga`s long-term senior unsecured rating.

The provisional rating on the proposed sukuk notes will be removed upon completion of the issuance, satisfactory review of the final terms and conditions, and legal opinions.

Moody`s considers the sukuk to be a senior unsecured obligation of Tenaga.

It said the rating reflects (i) the ultimate obligation of Tenaga to ensure that the periodic distribution amount is always maintained; and (ii) the existence of a purchase undertaking.

This implies that the sukuk holders ultimately rely on the creditworthiness of Tenaga for repayment when the trust is dissolved.

"Moody`s rating of the proposed sukuk is equivalent to Tenaga`s senior unsecured rating, as the sukuk are viewed as being commensurate with a senior unsecured payment obligation, with sukuk holders ultimately relying on Tenaga for return and principal repayment," said a Moody`s vice president and senior analyst Abhishek Tyagi.

The proceeds from the proposed sukuk will be used primarily for the general corporate purposes.

At maturity or upon a dissolution event, Tenaga is required to fully repay, including any unpaid and accrued periodic distribution amount, the aggregate face value of the sukuk.

Moody`s said as at May 31, 2016, the government of Malaysia and related entities control 60.2% shareholding of Tenaga.

As of August 2015, Tenaga had an installed capacity of 11,708MW (including Kapar Energy Ventures), accounting for about 53% of the installed capacity in Peninsular Malaysia, which accounts for 80% of the country`s population.

Tenaga`s 83%-owned Sabah Electricity supplies electricity in Sabah.

(c) All KUNA right are reserved 2016. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( MYR)
Sales 2016 45 181 M
EBIT 2016 8 902 M
Net income 2016 7 379 M
Debt 2016 18 961 M
Yield 2016 2,58%
P/E ratio 2016 11,36
P/E ratio 2017 10,96
EV / Sales 2016 2,21x
EV / Sales 2017 2,13x
Capitalization 81 042 M
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 16,7  MYR
Spread / Average Target 16%
Consensus details
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Azman bin Mohammed President, CEO & Executive Director
Amar Leo Moggie Non-Independent Non-Executive Chairman
Fazlur Rahman bin Zainuddin CFO & Vice President-Group Finance
Fazil bin Ibrahim Chief Information Officer
Zainal Abidin bin Putih Senior Independent Non-Executive Director
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