MARC: AAA-IS Ratings on Sukuk Programmes of Putrajaya Holdings Affirmed

Malaysian Rating Corporation (MARC) has affirmed its AAA-IS Rating for issuances made by Putrajaya Holdings (PJH) under three programmes: MYR 370 million Sukuk Musharakah Programme due 2030, MYR 3 billion Sukuk Musharakah Programme due 2032, and MYR 1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme due 2033. The Outlook on all three programmes is Stable.

The affirmation of the ratings and outlook are based on anticipated and sizeable rental income flows from the Government of Malaysia, being the principle lessee of the government buildings in Putrajaya that have been constructed by PJH.

PJH has tenanted several long-term lease-and-sublease agreements with the Government...