RAM Ratings has affirmed the AAA(bg)/Stable rating of West Coast Expressway Sdn Bhd's (WCE) RM1 bil Guaranteed Sukuk Murabahah Programme (2015/2036). The rating reflects an irrevocable and unconditional kafalah guarantee from Bank Pembangunan Malaysia Berhad (BPMB) (rated AAA/Stable/P1), which underpins the sukuk's credit quality. 

WCE is the concessionaire of the 193 km West Coast Expressway linking Banting, Selangor and Taiping, Perak. Construction was 97.1% complete as at end-June 2026, up from 95.4% a year earlier, after delays caused by land acquisition issues and construction work challenges. 8 of the Expressway's 11 sections are operational, while the remaining Sections 3, 4 and 7 are slated for completion by year-end, with full opening targeted by early 2027. Remaining construction costs are expected to be funded through available financing facilities, cash reserves and ongoing toll collections, supporting the project's near-term funding needs. The long concession period also provides some flexibility to refinance debt obligations, although this remains subject to market access and timely execution.

Average daily traffic (ADT) rose to 191,724 vehicles in 5M 2026 from 176,263 in 2025, driven mainly by higher usage of Sections 1 and 2. Under RAM's more conservative assumptions, ADT is projected at 443,408 vehicles in the first full year of tolling, supporting revenue of RM459.9 mil. This remains below the base-case estimate of 492,675 vehicles and RM518.5 mil in revenue, reflecting RAM's view of a more gradual traffic ramp up as connectivity improves and economic activity along the Banting-Taiping corridor develops. 

Delays to full tolling have shortened the period available for traffic and cash flow to build ahead of significant debt maturities, increasing WCE's reliance on refinancing. WCE is presently exploring refinancing its Guaranteed Sukuk, RM1.15 bil BPMB loan and RM1.5 bil syndicated term loan through a combination of new sukuk issuances and3