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RAM Ratings assigns AAA/Stable/P1 final ratings to Pantai’s IMTN/ICP programmes
Published on 19 Sep 2025.
RAM Ratings has assigned final ratings of AAA/Stable/P1 to Pantai Holdings Sdn Bhd’s (Pantai or the Company) Islamic Medium-Term Notes and Islamic Commercial Papers programmes with a combined limit of up to RM15 bil.
In assigning the final ratings, we have considered the final terms and reviewed all relevant transaction documents. We find these to be in line with our expectations under Pantai’s corporate credit ratings, which were assigned and published on 14 August 2025 (click here). Please refer to the final rating rationale for further details.
Proceeds from the upcoming issuance from the rated programmes will be used to refinance the RM4.0 bil unrated Sukuk taken to fund the acquisition of Island Hospital in November 2024. Future issuances may be used to finance investments, working capital, capex and other general corporate purposes.
Analytical contacts
Neo Xue Wei, CFA
(603) 2708 8241
xuewei@ram.com.my
Chew Wei Li
(603) 2708 8301
weili@ram.com.my
Thong Mun Wai
(603) 2708 8255
munwai@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
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