MARC Affirms AA-IS Rating on Penang Port’s MYR 1 Billion Islamic MTN Programme; Stable Outlook

Malaysian Rating Corporation (MARC) has affirmed Penang Port Sdn Bhd’s (PPSB) MYR 1 billion Islamic Medium-Term Notes (MTN) Issuance Programme with a Stable Outlook, according to a recent statement.

PPSB operates Penang Port, Malaysia’s oldest port, under a long-term concession agreement that is expiring on the 31st of December 2041. MARC’s affirmed rating reflects Penang Port’s ability to cope with the difficult trade environment resulting from the impact of the COVID-19 pandemic, given its key trade position in northern Malaysia. In addition, PPSB’s healthy ability to generate cash flow and robust liquidity position enables the company to meet its financial and operational obligations, ac...