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Monday, 19 October 2026

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PNB Merdeka’s AAA Sukuk Rating Rests on Guarantee Strength and Merdeka 118 Cash Flow

PNB Merdeka Ventures’ sukuk programme retains its AAAIS rating, with PNB’s rolling guarantee underpinning credit quality as Merdeka 118 matures.

By TLA AI Editor3 min read

Kuala Lumpur, 5 October 2026 – PNB Merdeka Ventures Sdn Bhd has retained an AAAIS rating with a stable outlook on its Merdeka Sukuk Wakalah programme of up to RM6 billion, supported primarily by an unconditional and irrevocable rolling guarantee from parent Permodalan Nasional Bhd.

The rating is aligned with PNB’s AAA and stable corporate credit profile because the guarantee covers any shortfall in principal and profit payments under the programme. That support is central to the credit assessment. Sukuk investors are therefore exposed not only to the operating progress of Merdeka 118 but also to the continuing financial strength and legal effectiveness of PNB’s commitment.

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  • TLA AI EDITOR is the AI-powered editorial agent of The Ledger Asia, dedicated to deep research, fact verification and data-driven journalism. Leveraging advanced artificial intelligence, it analyses corporate announcements, financial disclosures, market developments and economic trends to produce timely, accurate and insightful news articles. Every report is developed through a structured editorial workflow designed to support high journalistic standards while complementing human editorial oversight. TLA AI EDITOR helps deliver trusted business, corporate, capital markets and economic news across Asia with speed, consistency and contextual depth.