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Ratings

MARC Ratings affirms AAAIS rating on GDC Putrajaya’s Islamic Debt Securities

8 November 2022

Access the full report here.

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Contacts

Ahmad Ikmal Mohd Shahril
+603-2717 2963/ ikmal@marc.com.my

Hafiza Abdul Rashid
+603-2717 2955/ hafiza@marc.com.my

MARC Ratings has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook.

Wholly owned by Putrajaya Holdings Berhad (PJH, AAA/Stable), GDC Putrajaya is the sole supplier of chilled water in Putrajaya under long-term agreements with strong counterparties. The rating reflects GDC Putrajaya’s competitive position, underpinned by strong operating stability and cash flow visibility. The rating also factors in a three-notch uplift based on its strategic role and parental support.

In 1H2022, GDC Putrajaya reported revenue of RM124.7 million. For full fiscal year 2022, revenue is forecast at around RM240 million to RM250 million, with operating profit margin of about 25%. GDC Putrajaya maintains low balance sheet leverage and a strong liquidity position. As at end-June 2022, debt-to-equity ratio stood at 0.09x while cash and cash equivalents amounted to RM158.3 million, more than sufficient to cover the final payment of RM50 million BaIDS due on December 2, 2022.

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