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

Malaysian Rating Corporation (MARC) has assigned a final rating of AA-IS with a Stable Outlook for the proposed MYR 1.9 billion Sukuk Murabahah program of Malaysian port operator, Pelabuhan Tanjung Pelepas (PTP). Proceeds from the proposed Sukuk will mainly be used to refinance PTP’s existing government-guaranteed MYR 1.5 billion IMTNs maturing in September 2020, as well as other existing debts.

With no change from its preliminary rating, the final rating was based on PTP’s strong market position as a key transshipment port in the region as well as its ability to generate a strong cash flow and maintain healthy port performance. MARC assessed that this would provide protection against a decline in global trad...