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RAM Ratings affirms Pujian Bayu
Published on 04 Jul 2025.
RAM Ratings has affirmed the AA3/Stable rating of Pujian Bayu Sdn Bhd’s (Pujian Bayu or the Company) RM200 mil MTN Programme (MTN). Pujian Bayu, a wholly owned funding vehicle of TRIplc Berhad, is a sister company of TRIplc Ventures Sdn Bhd (TVSB). TVSB holds a concession for the development and maintenance of a campus for Universiti Teknologi MARA (UiTM) in Puncak Alam, Selangor.
The rating affirmation of the MTN is premised on the Company’s adequate liquidity and healthy debt coverage, as measured by its sub-debt service coverage ratio (sub-DSCR) (with cash balances). Pujian’s MTN rating is structurally subordinated to TVSB’s RM240 mil Senior MTN (rated AAA(bg)/Stable by RAM) as repayments are solely and ultimately met from TVSB’s residual cashflow to meet its debt obligations. Its subordinated position is also reflected in the priority of cash flow payments, security ranking, and recovery prospects. Accordingly, Pujian’s MTN’s rating is notched down from TVSB’s Senior MTN.
During the review period, Pujian Bayu continued to register healthy liquidity and a strong debt servicing ability, backed by TVSB’s stable and predictable concession cashflow. Payments from UiTM to TVSB were timely and maintenance key performance indicators held steady, with minimal performance-related deductions. Throughout the MTN’s remaining tenure, the Company is projected to register sub-DSCRs well within the requirement of an AA3-rated transaction. The transaction’s cash flow is safeguarded by the transaction’s structure and restrictive covenants that prevent cash leaks. However, the transaction is exposed to termination risk as TVSB’s concession termination will not result in any compensation to Pujian’s lenders. In the unlikely event of a default by TVSB, government compensation will only address financing held by TVSB. Holders of Pujian’s MTN may pursue recovery via advances extended to TRIplc Berhad and second-ranking rights to TVSB’s assets through its Junior Notes.
Pursuant to a debt reorganisation exercise to consolidate obligations within the larger Puncak Niaga Holdings Berhad, RAM Ratings expects to withdraw the rating of Pujian’s MTN after it is fully redeemed within the next month. Please refer to Ideal Water Resources Sdn Bhd’s preliminary rating rationale published in June 2025 for further information.
Analytical contacts
Chew Chiang Lim
(603) 2708 8297
chianglim@ram.com.my
Davinder Kaur Gill
(603) 2708 8220
davinder@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
© Copyright 2025 by RAM Rating Services Berhad
