Moody's: Malaysia Airports A3

Moody's Investors Service said it assigned first-time A3 issuer rating to Malaysia Airports Holdings Bhd.

The outlook is stable.

Given that the company is 54% owned by Khazanah Nasional Bhd., an investment arm of the government of Malaysia, Moody's said it is considered a government-related issuer.

The ratings reflect its standalone baseline credit assessment of 8, which is equivalent to a Baa1 rating, Moody's said, and government support that would be provided in the event of need.

This results in a one-notch uplift to the fundamental rating, the agency said.

The company's fundamental credit strengths are mainly underpinned by its position as a near-monopoly airport operator in Malaysia, where there is a track record of strong passenger traffic growth, Moody's said.

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