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Ratings

MARC Ratings affirms Aman Sukuk’s RM10.0 billion IMTN Programme rating

21 July 2022

Access the full report here.

View Reports

Contacts

Taufiq Kamal, +603-2717 2951/ taufiq@marc.com.my
Glenn Wong Liu Yu, +603-2717 2961/ liuyu@marc.com.my
Umar Abdul Aziz, +603-2717 2962/ umar@marc.com.my

MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook. The rating affirmation reflects the credit strength of
the Malaysian government as the sole obligor of the annual sublease rental payments, and the quantum of which is deemed sufficient to
meet the principal repayments and profit payments under the IMTN programme on a timely basis.

Aman is a wholly-owned funding
vehicle of PBLT Sdn Bhd, the developer of 74 construction projects for Polis Diraja Malaysia comprising quarters and facilities.
The projects were undertaken under a build, lease and transfer (BLT) model. Upon completion of each project, PBLT had entered into
irrevocable lease and sublease agreements with the Malaysian government.

The sublease rental payments were structured to
meet the repayment schedule of each series for the IMTNs issued. As at end-March 2022, combined cash balance in the security accounts
stood at RM2.1 billion, which is more than sufficient to meet upcoming IMTN profit and principal repayments of RM719.7 million in 2022
and RM675 million through 2023. The outstanding IMTN under the rated programme stood at RM2.8 billion as at June 9, 2022.

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MARC Ratings assigns final ratings of MARC-1IS/AA-IS to UDA’s ICP/IMTN Programmes of up to RM1.0 billion

22 March 2023

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MARC Ratings revises UiTM Solar's rating outlook to stable

22 March 2023

Ratings

MARC Ratings assigns final rating of A to Singer’s RM300.0 million MTN Programme

22 March 2023

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