[RAM] RAM Ratings affirms Pujian Bayu's AA3 issue rating; outlook stable

RAM Ratings has affirmed the AA₃/Stable rating of Pujian Bayu Sdn Bhd’s (Pujian Bayu or the Company) RM200 mil MTN Programme (MTN). Pujian Bayu, a wholly owned funding vehicle of TRIplc Berhad, is a sister company of TRIplc Ventures Sdn Bhd (TVSB). TVSB holds a concession for the development and maintenance of a campus for Universiti Teknologi MARA (UiTM) in Puncak Alam, Selangor. 

The rating affirmation of the MTN is premised on the Company’s adequate liquidity and healthy debt coverage, as measured by its sub-debt service coverage ratio (sub-DSCR) (with cash balances). Pujian’s MTN rating is structurally subordinated to TVSB’s RM240 mil Senior MTN (rated AAA(bg)/Stable by RAM) as repayments are solely and ultimately met from TVSB’s residual cashflow to meet its debt obligations. Its subordinated position is also reflected in the priority of cash flow payments, security ranking, and recovery prospects. Accordingly, Pujian’s MTN’s rating is notched down from TVSB’s Senior MTN. 

During the review period, Pujian Bayu continued to register healthy liquidity and a strong debt servicing ability, backed by TVSB’s stable and predictable concession cashflow. Payments from UiTM to TVSB were timely and maintenance key performance indicators held steady, with minimal performance-related deductions. Throughout the MTN’s remaining tenure, the Company is projected to register sub-DSCRs well within the requirement of an AA₃-rated transaction. The transaction’s cash flow is safeguarded by the transaction’s structure and restrictive covenants that prevent cash leaks. However, the transaction is exposed to termination risk as TVSB’s concession termination will not result in  any compensation to Pujian’s lenders. In the unlikely event of a default by TVSB, government compensation will only address financing held by TVSB. Holders of Pujian’s MTN may pursue recovery via advances extended to TRIplc Berhad and second-ranking rights to TVSB’s assets through its Junior Notes.

Pursuant to a debt reorganisation exercise to consolidate obligations within the larger Puncak Niaga Holdings Berhad, RAM Ratings expects to withdraw the rating of Pujian’s MTN after it is fully redeemed within the next month. Please refer to Ideal Water Resources Sdn Bhd’s preliminary rating rationale published in June 2025 for further information. 


Analytical contacts
Chew Chiang Lim
(603) 2708 8297
chianglim@ram.com.my

Davinder Kaur Gill 
(603) 2708 8220
davinder@ram.com.my

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