Moody’s Affirms MAHB’s A3 Rating, Upgrades Credit Assessment on Strong Financial Performance

SINGAPORE, Aug 25 — Moody’s Ratings has affirmed Malaysia Airports Holdings Berhad’s (MAHB) A3 issuer rating while upgrading its Baseline Credit Assessment (BCA) to baa2 from baa3, with a stable outlook.

The upgrade reflects MAHB’s robust financial strength, underpinned by a funds from operations (FFO) to debt ratio of 19.2% in 2024, well above Moody’s upgrade trigger. The ratio is expected to remain strong at 15%–18% over the 2025–2027 forecast period despite higher capital expenditure.

Moody’s noted that MAHB’s recovery in passenger traffic is driving earnings, with Malaysian airports reaching nearly full pre-pandemic levels and Türkiye’s Sabiha Gökçen International Airport exceeding 2019 traffic by 32% as of June 2025.

MAHB

The rating also factors in high likelihood of extraordinary support from the Malaysian government, given Khazanah Nasional and EPF’s increased stakes, alongside backing from global investors like Global Infrastructure Partners and Abu Dhabi Investment Authority.

The execution of new Operating Agreements extending MAHB’s concession period to 2069 further strengthens transparency in tariff adjustments and capital expenditure recovery, reinforcing the group’s financial flexibility.

Moody’s said MAHB maintains strong liquidity and prudent refinancing strategies, with its next major debt maturity being a EUR 185 million loan due in December 2025.

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