PETALING JAYA: MARC Ratings has upgraded its rating on port operator Johor Port Bhd’s (JPB) Islamic medium-term notes (IMTNs) programme to AAIS and revised the outlook to “stable” from “positive”.
The rating on the Islamic Commercial Papers Programme has been affirmed at MARC-1IS.
“The programmes have a combined aggregate limit of RM1bil with the current outstanding comprising entirely IMTNs of RM600mil,” it said in a statement.
“The upgrade on JPB’s long-term rating reflects its earnings resilience during the period of trade uncertainty, supported by Johor Port’s geographically strategic location as a key gateway port in southern Peninsular Malaysia and its diversified cargo handling capabilities. Its concession rights extending to 2055 ensure long-term earnings visibility.”
