RAM Affirms AAA Ratings On PBAPP’s RM5 Billion IMTN

RAM Ratings has affirmed the AAA/Stable rating of Perbadanan Bekalan Air Pulau Pinang Sdn Bhd’s (PBAPP or the Company) RM5 bil Islamic Medium-Term Notes (IMTN) Programme, reflecting the Company’s strategic role as Penang’s sole water operator, its close credit linkages to the state government and our expectations that extraordinary support is ‘almost certain’, if required. […]