MARC Assigns a Preliminary Rating of AA-IS to Pelabuhan Tanjung Pelepas's MYR 1.9 Billion Sukuk

Malaysian Rating Corporation Bhd (MARC) has given a preliminary rating of AA-IS for the proposed MYR 1.9 billion Sukuk Murabahah programme of Pelabuhan Tanjung Pelepas (PTP), with a Stable Outlook. The proceeds from the proposed Sukuk issuance will be utilized to refinance PTP’s existing government-guaranteed MYR 1.5 billion IMTNs maturing in September 2020, as well as other existing debts.

According to MARC, the rating reflects PTP’s strong market position as a key transshipment port in the region, its ability to generate a strong cash flow and maintain healthy port performance. The rating agency added that such factors provide protection against the anticipated downturn in the global trade volumes stemming...