MARC has affirmed its AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN). The rating outlook is stable. The affirmed rating considers Westports’ competitive position, operational track record, continued robust cash flows from operations and financial flexibility. Since MARC’s last rating...

MARC has affirmed the AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN) and maintained the stable rating outlook. The affirmed rating considers Westports’ strong competitive position and operational track record in addition to its stable financial profile and ample financial flexibility. Thes...

MARC has affirmed the AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN) and maintained the stable rating outlook. The affirmed rating is based on the company’s strong operational efficiency, sound financial profile reflected in its low gearing and strong liquidity position, and solid sponsors...

MARC has assigned an initial rating of AA+IS for Westports Malaysia Sdn Bhd’s (Westports) Proposed RM800 Million Sukuk Musyarakah Medium Term Notes. The rating has a stable outlook. The rating is supported by the company's track record of solid operating performance and strong financial profile. The rating further benefits from an experienced management team and the long standing customer re...

Major Rating FactorsStrengths Strong competitive position lends resilience to Westports’ financial performanceSolid operating track recordAmple internal liquidity as well as access to external sources of liquidityImproving cash flow protection measuresChallenges/Risks  Operating in a highly competitive industryHigh capital intensity of port businessMARC has reaffirmed the rati...