Tuesday, Aug 25, 2020
MARC 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 outstanding IMTN under the rated programme stood at RM4.07 billion as at May 31, 2020. 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) under a build, lease and transfer (BLT) model.
The affirmed rating and outlook reflect the credit strength of the Malaysian government as the paymaster of the sublease rental payments on the completed quarters and facilities under the lease and sublease agreements with PBLT. The sublease rental payments, which were structured to meet the repayment profile of each of the seven series of the IMTN issued, are sufficient to meet the principal and profit payments under the rated programme.
As at end-May 2020, the cash balance in Aman’s security accounts stood at RM1.9 billion against profit payments of RM90.2 million in 2H2020 and redemptions totalling RM850.0 million under Series 1, 2 and 6 in 2021.
Contacts:
The affirmed rating and outlook reflect the credit strength of the Malaysian government as the paymaster of the sublease rental payments on the completed quarters and facilities under the lease and sublease agreements with PBLT. The sublease rental payments, which were structured to meet the repayment profile of each of the seven series of the IMTN issued, are sufficient to meet the principal and profit payments under the rated programme.
As at end-May 2020, the cash balance in Aman’s security accounts stood at RM1.9 billion against profit payments of RM90.2 million in 2H2020 and redemptions totalling RM850.0 million under Series 1, 2 and 6 in 2021.
Contacts:
Gan Peishi, +603-2717 2948/ peishi@marc.com.my;
Lim Wooi Loon, +603-2717 2943/ wooiloon@marc.com.my;
Taufiq Kamal, +603-2717 2951/ taufiq@marc.com.my