RAM Ratings Assigns Ratings for PESTECH International and its Proposed Perpetual Sukuk Musharakah

RAM Ratings (RAM) has assigned a preliminary corporate credit rating (CCR) of A1/Stable/P1 to PESTECH International (PESTECH), and has also assigned an A3/Stable rating for PESTECH’s proposed MYR 400 million Tranche 1, under the MYR 1 billion perpetual Sukuk Musharakah programme.

According to RAM, the ratings reflect PESTECH’s solid business position in power infrastructure and rail electrification segments, as well as PESTECH’s healthy debt-coverage ratios, supported by the locked-in cash flows resulting from long-term concession-based projects.

The proceeds from the proposed Tranche 1 Sukuk issuance will go towards refinancing purposes.

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