RAM Assigns PKNS’s Proposed Sukuk AA3 and P1 Ratings; Reaffirms Existing Issue Rating

RAM Ratings (RAM) has assigned Selangor State Development Corporation’s (Perbadanan Kemajuan Negeri Selangor; PKNS) proposed MYR 3 billion Islamic Medium-Term Notes (MTN) Programme and proposed MYR 1 billion Islamic Commercial Paper (ICP) Programme respective long- and short-term ratings of AA3/Stable and P1. In addition, RAM has reaffirmed the AA3/Stable rating of PKNS’s MYR 1.7 billion IMTN Programme (2013/2023). Meanwhile the P1 rating of PKNS’s previous MYR 300 million ICP Programme (2013/2020) has been withdrawn, following the expiry of the facility.

PKNS is a statutory body and development agency for the state of Selangor, Malaysia. The ratings reflect RAM’s expectation that PKNS will remain significant to the Selangor State Government (Selangor S...