RAM Ratings Reaffirms AA1(s)/Stable Rating of Pendidikan Industri YS’s MYR 150 Million Sukuk

The enhanced AA1(s)/Stable rating of Pendidikan Industri YS Sdn Bhd’s (PIYSB) MYR 150 million Bai’ Bithaman Ajil Islamic Debt Securities (2008/2022) (BaIDS) has been reaffirmed by RAM Ratings (RAM). The rating reflects the robust support of the Selangor State Government (the State) which has boosted PIYSB’s debt-servicing metrics.

According to RAM, the State, which approved an MYR 205.5 million allocation for all BaIDS repayments between 2012-2022, has been settling all dues on behalf of PIYSB since January 2012. In late 2020, PIYSB commenced the early redemption of the BaIDS, with the backing of the State, which is anticipated to be completed by the 29th of January 2021, pending approval from Sukukholders. The State has issued a Letter of Support (LoS) confir...