Posted Date: December 19, 2019

MARC has assigned a final rating of AA-IS with a stable outlook to Penang Port Sdn Bhd’s (PPSB) proposed Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion.

Upon review of the final documentation for the programme, MARC is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the earlier preliminary rating of AA-IS was based.

For full details of the assigned rating, please see PPSB’s preliminary rating announcement on November 27, 2019. The complete analysis is provided in the Credit Analysis Report which is available on MARC’s website at

Raj Shankar, +603-2717 2956/;
Taufiq Kamal, +603-2717 2951/

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