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RAM Ratings affirms rating of Swirl Assets’ Senior Notes backed by receivables due from Air Selangor
Published on 14 Oct 2025.
RAM Ratings has affirmed the AAA/Stable rating of the RM595 million Senior Notes issued under Swirl Assets Berhad’s (the Issuer) RM700 million Asset-Backed Medium-Term Notes Facility.
This transaction monetises outstanding receivables due under the Share Purchase Agreement (SPA) between Syarikat Pengeluar Air Selangor Holdings Berhad (SPLASH Holdings or the Originator) and Pengurusan Air Selangor Sdn Bhd (Air Selangor or the Obligor). The SPA governs Air Selangor’s acquisition of SPLASH Holdings’ entire stake in Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH).
A special-purpose funding entity, Swirl Assets relies solely on fixed annual instalments, payable by Air Selangor under the SPA (Annual Instalments), to meet its obligations under the Senior Notes.
The affirmation of the Senior Notes rating reflects Air Selangor’s creditworthiness in its role as the Obligor (click here for more information). As Malaysia’s largest water utility company and the sole licence holder for water treatment and distribution in Selangor, Kuala Lumpur and Putrajaya, Air Selangor fulfils a vital public service role for the state. Our assessment indicates ‘almost certain’ state government support for Air Selangor in times of financial difficulty, closely aligning the Obligor’s credit strength with the financial resilience of the state of Selangor. Selangor’s State Implicit Strength (SIS) is assessed to be ‘superior’, the highest category in RAM’s SIS Framework.
To date, Swirl Assets has received Annual Instalments on schedule. As of end-May 2025, RM119.24 mil in cash held in the Settlement Account, together with RM239.42 mil in future instalments due, were more than adequate to cover all remaining coupon and principal payments on the outstanding RM300 mil of Senior Notes. The designated accounts report as at the same date confirmed that actual transaction expenses were largely in line with projections.
Funds in the Settlement Account cannot be used to make payments in respect of the Junior Notes until all Senior Notes have been fully redeemed, mitigating any potential cashflow leakage. The transaction ensures that designated accounts are prefunded with issue proceeds to cover any transaction expenses throughout the tenure of the Senior Notes as well as early redemption premiums, if applicable.
Analytical contacts
Darrel Tiang
(603) 2708 8219
darrel@ram.com.my
Tan Han Nee
(603) 2708 8322
hannee@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.
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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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