[RAM] Pujian Bayu fully redeems RM200 mil MTN

RAM Ratings has received confirmation that Pujian Bayu Sdn Bhd fully redeemed its outstanding RM200 mil Medium-Term Notes (the MTN) on 8 July 2025 ahead of the scheduled maturity date. Part of the proceeds from the successful issuance of Ideal Water Resources Sdn Bhd’s (IWR) RM255 mil Tranche 2 Sukuk Murabahah, which carries an AA₂/Stable rating (published on 4 July 2025), were utilised to support the MTN redemption. Click here for details on IWR’s Tranche 2 Sukuk Murabahah rating.

We have accordingly withdrawn the AA₃/Stable rating of the RM200 mil MTN (last affirmed on 4 July 2025) and no longer have any rating obligation in respect of the redeemed facility. We will continue to provide coverage of IWR’s Tranche 2 Sukuk Murabahah as long as there are outstanding rated sukuk under this issuance.


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