MARC Ratings has maintained its stable outlook, reaffirming the MARC-1IS/AAIS ratings for Stealth Solutions Sdn Bhd (SSSB)’s RM520 million Issue 1 under its Islamic Commercial Papers/Islamic Medium-Term Notes Programme.
The ratings stability is supported by SSSB’s robust business model, centered on managing 531 operational telecommunication towers. The company has demonstrated impressive growth in its tower tenancy ratio, reaching 1.61x by mid-2022, reflecting consistent improvement from previous years.
SSSB’s financial performance remains strong, with stress testing indicating robust debt servicing capability, as evidenced by a finance service cover ratio well above the required 1.5x covenant.
The current outstanding amount under the sukuk stands at RM500 million, with the company maintaining healthy liquidity levels and showing no immediate capital expenditure requirements.
For detailed information and full rating rationale: MARC Ratings affirms Cellco’s MARC-1IS /AAIS ratings – MARC
