Stealth Solutions Sdn. Bhd. continues to demonstrate financial stability following MARC Ratings’ affirmation of the MARC-1IS/AAIS ratings on Cellco Capital Berhad’s RM520 million Issue 1 under its the programme, with a stable outlook.
The Sukuk Ijarah Programme is supported by strong cash flows from long-term lease agreements across 531 operational towers, safeguarded through ring-fenced accounts managed by a Security Trustee. The average remaining lease tenure stands at 6.2 years, providing strong revenue visibility.
As at end-September 2025, Stealth maintained a stable portfolio of 547 towers and 925 tenants, with a consistent tenancy ratio of 1.7x. Financial metrics remain resilient, with stress-tested finance service cover ratios projected to stay above covenant requirements across FY2026-FY2030.
Overall, the reaffirmed ratings reflect Stealth’s resilient operating profile, disciplined financial management, and strong positioning within Malaysia’s telecommunications infrastructure sector.
For more information: MARC Ratings affirms Cellco’s Issue 1’s MARC-1IS/AAIS ratings
