MARC Ratings has affirmed its AAIS rating on Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah with a stable outlook. The sukuk has an outstanding balance of RM15.0 million, which is due for repayment on 11 June 2027.
The rating affirmation reflects Grand Sepadu’s low leverage and strong coverage metrics, supported by ongoing debt reduction, stable traffic demand and a demonstrated track record of disciplined dividend management, which the rating agency expects to continue. As at end-March 2026, Grand Sepadu’s debt-to-equity ratio improved to 0.2x, while its cash flow coverage on interest and debt strengthened to 10.2x and 0.6x, respectively.
Grand Sepadu operates the mature, 17.5-km New North Klang Straits Bypass (NNKSB) under a concession agreement that expires in December 2032. Toll revenue remained stable at RM55.4 million in 2025, supported by steady traffic performance. Average daily traffic was steady at 90,345 vehicles in 2025 (2024: 89,848 vehicles) and remained stable at 89,403 vehicles in 3M2026 (3M2025: 89,286 vehicles). The Kapar toll plaza — which handles the highest volume of Class 3 vehicles and applies the highest toll rates — remains the largest revenue contributor for NNKSB.
Following the RM15.0 million sukuk principal repayment on 11 June 2026, the outstanding sukuk balance has been reduced to RM15.0 million. The remaining sukuk principal and final profit obligations due in June 2027 are required to be fully prefunded through the Finance Service Reserve Account by December 2026. MARC Ratings expects the company to meet this requirement. In MARC Ratings’ sensitised case which assumes no toll hikes, zero traffic growth and a continued 50:50 compensation split between prior and current years, the projected finance service coverage ratio remains above the 1.75x covenant threshold in 2026.