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RAM Ratings affirms MAHB’s senior and subordinated sukuk ratings at AAA and AA2; outlook stable
Published on 11 Dec 2025.
RAM Ratings has affirmed the ratings of Malaysia Airports Holdings Berhad’s (MAHB or the Group) sukuk facilities, as detailed below:
The affirmation of MAHB’s ratings reflect its robust operating performance, strong business profile as the sole operator of all 39 airports owned by the Malaysian Government (GoM) and a healthy financial profile. The Group’s ratings also benefit from an uplift, underpinned by RAM’s assessment of a ‘very high’ likelihood of extraordinary support from the GoM.
The Group’s status as a strategically important national infrastructure entity is further reinforced by the GoM’s effective stake increasing to 70% following a privatisation exercise in February 2025. The Ministry of Finance continues to hold a golden share ensuring continued government oversight and strategic control. The privatisation was led by Gateway Development Alliance, a consortium comprising Khazanah Nasional Berhad, the Employees Provident Fund Board, Global Infrastructure Partners (GIP) and Abu Dhabi Investment Authority. The Group’s long-term strategic direction remains unchanged, focusing on elevating service, driving growth and expanding capacity across its operations. The entry of GIP brings additional airport management expertise to the consortium.
For 1H FY Dec 2025, MAHB’s revenue grew 13% y-o-y to RM3.09 bil and its operating profit before depreciation, interest and tax increased 5% y-o-y to RM1.20 bil supported by sustained passenger growth from both Malaysia and Türkiye (+11% y-o-y). Looking ahead, we envisage passenger traffic to expand at a more moderate pace, supported by sustained travel demand and continued economic growth, especially in the Asia Pacific region.
MAHB’s financial profile remains healthy with debt marginally higher at RM5.49 bil as at end-June 2025 and gearing and net gearing ratios at 0.71 times and 0.42 times, respectively. Adjusted funds from operations debt cover (FFODC) improved to 0.33 times last year, stronger than expected. Despite heftier planned capital expenditure (capex) through 2027, debt is projected to decline with gearing ratios expected to improve between 0.45 times and 0.55 times and adjusted FFODC forecasted to remain above 0.30 times. This improvement provides MAHB with additional financial flexibility to undertake potentially large investment and capex beyond 2027.
The ratings continue to be moderated by MAHB’s exposure to regulatory and policy changes as well as external risks such as aviation incidents, airline performance, geopolitical tensions and pandemics. The Group also faces strong competition from regional hubs in securing higher connectivity from airlines.
Analytical contacts
Ben Inn
(603) 2708 8290
ben@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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