RAM Reaffirms Ratings of Malaysia Airports Holdings Berhad’s Senior Sukuk Programmes

RAM Ratings (RAM) has reaffirmed the ratings of Malaysia Airports Holdings Berhad’s (MAHB or the Group) MYR 2.5 billion Senior Sukuk Programme (2013/2033) (the Senior Sukuk) and MYR 2.5 billion Perpetual Subordinated Sukuk Programme (2014/2114) (the Perpetual Sukuk) as AAA/Stable and AA2/Stable respectively.

The reaffirmation of the Senior Sukuk reflects the Group’s credit profile, with the Sukuk ranking pari passu with its senior unsecured borrowings, while the Perpetual Sukuk ratings, which were two notches lower than its long-term corporate credit rating, reflect the risk of profit distributions that are deferrable as well as the subordinated rights of Sukukholders to lay claims if insolvency occurs, acco...