MARC Ratings has reaffirmed its MARC-1IS/AAIS ratings for Stealth Solutions Sdn Bhd (SSSB)’s RM520 million Issue 1 under Cellco Capital Berhad, highlighting the continued strength of the company’s Sukuk Ijarah Programme. The stable outlook reflects the programme’s robust performance and strong fundamentals.
SSSB has shown impressive growth in its operational metrics. The company’s tower portfolio has expanded to 547 towers supporting 914 tenants as of June 2023, achieving a healthy tenancy ratio of 1.7x.
The rating affirmation is supported by the programme’s strong cash flow visibility, backed by long-term lease agreements averaging 8.2 years with major telecommunications providers. While revenue remains concentrated among the top four telcos at 81%, this aligns with the market structure of Malaysia’s telecommunications sector.
The programme continues to maintain robust financial metrics, with stress-tested scenarios indicating finance service cover ratios well above the required covenant levels, providing substantial safety margins for investors.
For additional information: MARC Ratings affirms Cellco’s MARC-1IS/AAIS ratings
