MARC Affirms AA-IS Rating on Pelabuhan Tanjung Pelepas’ MYR 1.9 Billion Sukuk Murabahah; Stable Outlook

Malaysian Rating Corporation (MARC) has affirmed its AA-IS rating on Malaysian port operator Pelabuhan Tanjung Pelepas’ (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme), with a Stable Outlook. PTP has increased the limit of the Sukuk Murabahah Programme to MYR 2.15 billion from MYR 1.9 billion, and this has been taken into consideration by MARC for the rating affirmation.

Ratings Rationale

The main driver for the ratings affirmation is PTP’s robust position as a major regional transhipment container port, enabling it to generate a healthy cash flow which supports its financial metrics. In addition, the rating incorporates support from key shareholders of PTP, which includes MMC Port Holdings (70%) and Netherland-based APM Termi...