RAM Sustainability assigns Platinum rating to Air Selangor’s revised Sustainable Development Sukuk Kelestarian Framework– includes blue projects

Published on 30 Jul 2026.

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RAM Sustainability has assigned Pengurusan Air Selangor Sdn Bhd’s (Air Selangor) Sustainable Development Sukuk Kelestarian Framework Version 2.0 (the Framework) a Platinum Sustainable Finance Rating following a second-party opinion assessment. The revised framework supersedes Version 1.0 introduced in 2020.

The rating is premised on Air Selangor’s strong sustainability governance, including board-level oversight, integration of sustainability considerations into risk management processes, alignment with its sustainability pillars and initiatives, and adoption of internationally recognised ISO management system standards.

The Framework is also strongly aligned with relevant sustainable finance guidelines including the International Finance Corporation’s Guideline for Blue Finance Version 2.0. Eligible projects are expected to generate significant environmental and social benefits, particularly in strengthening the water sector and reducing non-revenue water, in line with key state and national initiatives such as Rancangan Selangor Pertama and Water Sector Transformation 2040. The projects further support Air Selangor’s Sustainability Strategy 2030 and Net Zero Energy Vision 2040.

To finance eligible projects under the Framework, Air Selangor will issue Sukuk Kelestarian (Islamic medium-term notes) under its existing Sukuk Murabahah Programme of up to RM20.0 bil (upsized from RM10.0 bil). Projects under the Sustainable Water and Wastewater Management and Climate Change Adaptation categories may also qualify as blue projects under the Framework.

Air Selangor is the sole water services licensee responsible for water abstraction, treatment and distribution in Selangor, Kuala Lumpur and Putrajaya. It is a subsidiary of Air Selangor Holdings Berhad – the investment holding company of the Air Selangor Group – which is wholly owned by the Selangor state government through Menteri Besar Selangor (Incorporated).

 

Analytical contact
Amirah Jamil
(603) 2708 8294
amirah@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my

 

This external review or second-party opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security’s market price or its suitability for an investor, nor does it involve any audit by RAM Sustainability. It is also not a credit assessment on the proposed Green, Social or Sustainability Bonds/Sukuk.

About RAM Sustainability

RAM Sustainability Sdn Bhd (RAM Sustainability) is a provider of sustainability services and ESG analytics. Incorporated on 31 May 2000, RAM Sustainability is a wholly owned subsidiary of RAM Holdings Berhad. RAM Sustainability is the first ASEAN-based provider of ESG ratings and second opinions and has the distinction of being the first Registered Observer of ICMA’s Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles in ASEAN. For further details, please refer to https://www.ram.com.my/sustainability.

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