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RAM Ratings affirms TRIplc Ventures’ AAA(bg)/Stable issue rating
Published on 10 Jul 2026.
RAM Ratings has affirmed the AAA(bg)/Stable rating of TRIplc Ventures Sdn Bhd’s (TVSB) MTN Programme of up to RM240 mil in nominal value (2011/2026). The rating continues to reflect the irrevocable and unconditional bank guarantee on the programme from Bank Pembangunan Malaysia Berhad (rated AAA/Stable/P1 by RAM).
TVSB's MTN obligations are serviced by monthly availability charges (ACs) and maintenance charge (MCs) receipts under its 23-year concession agreement for the development and maintenance of the Universiti Teknologi Mara (UiTM) campus in Puncak Alam. Barring occasional delays, payments from UiTM to-date have remained within RAM’s stressed assumption of a three-month delay, limiting near term cash flow disruption. Operational performance also remains strong, with TVSB consistently exceeding the concession’s minimum performance requirement of 93%. The company achieved a 99.92% performance level in 2025 (99.93% in 2024), resulting in only negligible performance deductions, indicating low operational risk during the remaining concession period.
The Company’s liquidity position remains strong, providing ample coverage for its remaining RM20 mil MTN obligations. As at end-March 2026, TVSB’s designated accounts held RM38 million, more than sufficient to fully cover the Sukuk’s final repayment due on 9 October 2026.
Following the debt restructuring completed in mid-2025 through Ideal Water Resources Sdn Bhd (IWR), a sister company of TVSB within Puncak Niaga Holdings Berhad, IWR’s RM255 mil Sukuk was structured to monetise TVSB’s remaining concession cashflows after settlement of its MTN obligations. Accordingly, surplus cash flows from TVSB are now channelled directly to IWR to support the latter’s debt repayments. TVSB’s MTN programme is expected to be cancelled upon full settlement of its MTN in October 2026. More importantly, the existing ring-fencing mechanisms, designated account structure and covenant restrictions will be preserved via a Deed of Covenant linked to the IWR Sukuk. In our view, this preserves the integrity of the cash flow waterfall and limits structural leakage risk during the transaction and ensures alignment between the various stakeholders. Further details are available in IWR's published rating rationale.
Counterparty and termination risk under the concession agreement remains remote, in our view, due to the non-complex nature of the maintenance obligations and TVSB’s strong operating track record. In the event of termination, TVSB is contractually entitled to compensation, which provides an additional degree of protection. That said, TVSB remains exposed to single-project risk, where a force majeure or major/prolonged operational failure may disrupt its entire operations and impair its sole source of operating cash flow.
Analytical contacts
Lai Jing Wei
(603) 2708 8239
jingwei@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 2026 by RAM Rating Services Berhad
