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RAM Ratings affirms Glacier Assets’ water receivables-backed Senior Notes at AAA
Published on 07 Oct 2026.
RAM Ratings has affirmed the AAA/Stable rating of the RM555 million Senior Notes issued under Glacier Assets Berhad’s (Glacier or the Issuer) RM800 million Asset-Backed Medium-Term Notes Facility.
The rating is anchored by the strong credit profile of Pengurusan Air Selangor Sdn Bhd (click here), which provides counterparty support for payment obligations under the transaction. The notes are backed by the balance of receivables arising from the Termination and Settlement Agreement (TSA) between Air Selangor, Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) and Gamuda Water Sdn Bhd. The receivables are amounts owed by SPLASH to Gamuda Water for the supply of treated water as well as the operations and maintenance of Sungai Selangor Water Treatment Plant Phase 3 and the Sungai Selangor Dam.
Glacier uses fixed annual payments from SPLASH in accordance with the TSA to service the Senior Notes, with Air Selangor – SPLASH’s parent company – undertaking to cover any missed instalments and default interest.
Air Selangor fulfils a vital public service role as Malaysia’s largest water utility company and the sole water treatment and distribution licence holder for Selangor, Kuala Lumpur and Putrajaya. We view state government support as highly likely if needed, closely aligning the utility’s credit strength with the state’s financial resilience. Selangor’s State Implicit Strength (SIS) is assessed to be ‘superior’, the highest category in RAM’s SIS Framework.
To date, Glacier has received annual instalments on time. As of end-June 2026, the Issuer held RM10.05 mil in cash, which along with RM173.63 mil in future receivables comfortably covers coupon and principal payments on the outstanding RM127.26 mil of Senior Notes. Transaction expenses stayed in line with expectations.
The transaction includes safeguards that restrict payments to subordinated noteholders until the Senior Notes are fully redeemed and maintains prefunded reserves for expenses and potential early redemption costs.
Zahra Zarir
(603) 2708 8243
zahra@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.
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
