[RAM] RAM Ratings affirms TRIplc Ventures' AAA(bg)/Stable issue rating

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 reflects the irrevocable and unconditional bank guarantee on the programme from Bank Pembangunan Malaysia Berhad (rated AAA/Stable/P1 by RAM). 

TVSB, the concessionaire for the development and maintenance of Zone 1 Phase 2 of the Universiti Teknologi Mara (UiTM) campus in Puncak Alam, operates under a 23-year concession agreement (CA). The MTN repayments are met by concession payments received by TVSB in the form of monthly Availability Charges and Maintenance Charges. 

Since the commencement of the maintenance period, TVSB has consistently exceeded the CA performance requirement of 93%, achieving a performance level of  99.93% in 2024. Performance-related deductions last year were negligible. Timely concession payments is key, as any delay may adversely affect TVSB’s debt servicing ability and liquidity. To date, payments from UiTM have been within RAM’s sensitised assumption of three months.

We expect TVSB’s debt servicing ability to remain strong going forward, with projected minimum and average debt service coverage ratios (DSCRs) with cash of above 1.50 times. Our analysis assumes annual distributions to TVSB’s sister company, Pujian Bayu Sdn Bhd (Pujian), in the form of dividends and Junior Note repayments (up to 2034) to enable Pujian to repay its own MTNs, rated AA₃/Stable by RAM. Without these distributions, TVSB’s DSCRs would be higher.

While the risk of CA termination is remote due to the non-complex nature of maintenance, TVSB is entitled to compensation if the CA is terminated. Like most concession-related companies, TVSB faces single-project risk, where a force majeure or major operational failure may disrupt its entire operations.

As part of an ongoing debt reorganisation exercise to consolidate obligations within the larger Puncak Niaga Holdings Berhad, RAM Ratings expects to withdraw the rating of Pujian’s MTN upon its full redemption. This is expected to be completed 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