Stealth Solutions Sdn Bhd (SSSB) continues to demonstrate financial resilience as MARC Ratings reaffirms its MARC-1IS/AAIS ratings for the company’s RM520 million Issue 1 under its Sukuk Ijarah Programme. The stable outlook reflects the programme’s consistent performance and robust structure.
The latest assessment highlights SSSB’s sustained operational stability, maintaining 547 towers with 924 tenants and a steady tenancy ratio of 1.7x as of September 2024. The programme’s strength is underpinned by predictable cash flows from long-term lease agreements, which maintain an average remaining life of 7.2 years.
Financial performance remains solid, with stress-tested scenarios projecting healthy finance service cover ratios averaging 2.4x, demonstrating ample headroom above the required 1.5x covenant. While the programme faces typical industry-specific challenges, including ground lease management and customer concentration, these risks are effectively mitigated through proven operational strategies and strong market positioning.
For additional information: MARC Ratings affirms Cellco’s MARC-1IS/AAIS ratings
