MARC has affirmed its AAA_IS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The outstanding under the rated programme stood at RM3.22 billion as at October 26, 2021.

Aman is a wholly-owned funding vehicle of PBLT Sdn Bhd, the developer of 74 projects comprising quarters and facilities for Polis Diraja Malaysia (PDRM). The projects were undertaken under a build, lease and transfer model.

The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, the quantum of which is sufficient to meet the principal repayments and profit payments under the IMTN programme on a timely basis. As at end-August 2021, cash balance in the security accounts stood at RM1.7 billion against profit payments amounting to RM23.6 million in November 2021 and IMTN redemptions of RM610.0 million throughout 2022.

Contacts:
Lim Wooi Loon, +603-2717 2943/ wooiloon@marc.com.my;
Glenn Wong Liu Yu, +603-2717 2961/ liuyu@marc.com.my; 
Taufiq Kamal, +603-2717 2951/ taufiq@marc.com.my.