MARC Ratings has assigned a final rating of AA+_IS to Pulau Indah Power Plant Sdn Bhd’s (PIPP) Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM3.0 billion. The rating outlook is stable.

The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was based.

For full details on the assigned rating, please see PIPP’s preliminary rating announcement dated 10 September 2025. The full credit analysis report is available at https://online.marc.com.my/.