MARC RATINGS ASSIGNS PRELIMINARY RATINGS OF MARC-1IS AND AAAIS TO PANTAI HOLDINGS' ICP AND IMTN PROGRAMMES

MARC Ratings has assigned ratings of MARC-1IS and AAAIS to Pantai Holdings Sdn Bhd's existing Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme (collectively Sukuk Programmes) with a combined aggregate limit of up to RM15 billion. The long-term rating outlook is stable. Pantai Holdings is a wholly-owned subsidiary of IHH Healthcare Berhad ("IHH" or "the Group"). Pantai Holdings, operating as IHH Healthcare Malaysia, operates 18 hospitals nationwide and contributed approximately 17% of the Group's consolidated revenue and 19% of consolidated EBITDA in 2024. It remains the largest hospital group in Malaysia by both turnover and profit. Further uplift is anticipated from the full-year contribution of recent acquisitions, such as Island Hospital, and ongoing capacity expansion.

The ratings also reflect the strong operational and financial integration within the Group, including centralised treasury management, unified oversight, and consistent group-wide financial policies. It also incorporates the strong likelihood of support from key shareholders, Mitsui & Co., Ltd and Khazanah Nasional Berhad, underpinned by IHH's strategic and financial importance to both parties along with their track record of support.

IHH's strong credit profile reflects its robust fundamentals, global leadership in private healthcare, and clear long-term growth prospects. The Group operates more than 80 hospitals across 10 countries - including Malaysia, Singapore, T?rkiye, India, Greater China (including Hong Kong and Shanghai), and selected markets in Central and Eastern Europe - under core brands such as Pantai, Gleneagles, Mount Elizabeth, Prince Court, Parkway, Acibadem, and Fortis, which consistently rank among the top three in their respective markets. As of end-2024, IHH manages over 13,000 operational beds and aims to add 4,000 more b