Find A Rating 
PRESS RELEASES
RAM Ratings affirms INTI’s AAA(fg)/Stable issue rating
Published on 31 Oct 2025.
RAM Ratings has affirmed the AAA(fg)/Stable rating of INTI Universal Holdings Sdn Bhd’s (INTI or the Group) RM300 mil 5-year guaranteed Medium-Term Notes 2023/2028 (MTN). The facility is backed by an irrevocable and unconditional guarantee from Credit Guarantee and Investment Facility (CGIF, a trust fund of Asian Development Bank), itself rated AAA/Stable/P1 by RAM. The guarantee elevates the credit profile of the MTN above INTI’s standalone risk, aligning the issue rating with that of the guarantor.
INTI’s major shareholder, XJ International Holdings Co. Ltd. (XJ), has made meaningful progress in resolving the default on its convertible bonds (CBs). The Hong Kong High Court dismissed a winding-up petition against XJ in August 2024, a decision subsequently upheld by the Court of Appeal in June 2025, thereby removing immediate insolvency risk. Following these legal resolutions, XJ secured bondholder approval for a debt restructuring and redeemed the remaining CBs in September 2025. Importantly, XJ’s operations remained unaffected, as its other lenders refrained from triggering cross-defaults. Furthermore, the restrictions and covenants tied to CGIF’s guarantee on the MTN operated as intended, preserving the Group’s strong balance sheet and liquidity.
On a standalone basis, INTI posted higher revenue of RM226.9 mil in FY Aug 2024 (FY Aug 2023: RM205.5 mil) on the back of an 8% recovery in student enrolment. However, earnings were softer as heftier international recruitment costs and operating expenses were front-loaded, pulling down operating profit before depreciation, interest and tax (OPBDIT) to RM28.1 mil and OPBDIT margin to 12.4%.
INTI’s performance improved further in 9M FY Aug 2025 with student enrolment rising about 20% year-on-year, pointing to a better financial showing going forward. The Group’s liquidity position is expected to remain strong, supported by improving operating performance and continued restrictions imposed by CGIF. INTI remains in a net cash position with RM296.4 mil of cash and short-term funds, comfortably covering RM176.4 mil in borrowings as at end-6M fiscal 2025.
Analytical contacts
Darrel Tiang
(603) 2708 8219
darrel@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
© Copyright 2025 by RAM Rating Services Berhad
