MARC Assigns AAAIS Rating on Putrajaya Holdings’ Proposed MYR 1 Billion Sukuk Wakalah; Stable Outlook

Malaysian Rating Corporation (MARC) has assigned Putrajaya Holdings’ (PJH) proposed MYR 1 billion Sukuk Wakalah Programme, with a tenure of 20 years, with an AAAIS rating with a Stable Outlook. At the same time, the rating agency has affirmed its AAAIS ratings on PJH’s existing issuances, including an MYR 370 million Sukuk Musharakah Programme due in 2030, an MYR 3 billion Sukuk Musharakah Programme due in 2032, as well as an MYR 1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme, due in 2033, all with a Stable Outlook.

Ratings Rationale

The ratings and Outlook are based on the predictable and large lease rental income from the Government of Malaysia as the principal lessee of 41 government buildings in Putrajaya, which PJH is...