RAM Ratings has affirmed the AAA/Stable rating of Amanat Lebuhraya Rakyat Berhad's (ALR) RM5.5 bil Senior Sukuk Programme (2022/2044) (the Sukuk). 

The affirmation reflects ALR's robust debt-servicing capacity, supported by stable cash flows from four mature highways: the Damansara-Puchong Expressway (LDP), Shah Alam Expressway (KESAS), SPRINT Expressway and the SMART Tunnel (collectively, the Highways). The Highways' strategic alignments connect densely populated areas across the Klang Valley. LDP and KESAS link established townships to major interchanges and highway networks, while SPRINT and SMART facilitate easier access to Kuala Lumpur.

In FY Mar 2026, ALR generated RM823.4 mil in pre-financing cash flow, translating into a robust finance service coverage ratio (FSCR) of 3.04 times, including cash balances. Average daily traffic across the Highways grew 0.4% y-o-y in both 2025 and 1H 2026, which alongside prudent cost management, supported operating performance. 

As at end-June 2026, ALR held RM1.3 bil in cash, sufficient to meet RM627.8 mil of sukuk obligations due over the next 12 months. Debt-servicing metrics are expected to stay healthy, underpinned by steady operational performance, stable cash generation and consistent cash accumulation. Under RAM's sensitised case, the projected minimum FSCR, including cash balances, is 2.54 times over the remainder of the Sukuk's tenure, against management's base case expectations of 3.12 times. The Highways' maturity and fixed toll rates over the life of the Sukuk help mitigate demand and competitive risks. The financing structure provides further protection by prohibiting shareholder distributions and additional indebtedness. 

ALR remains exposed to the regulatory and political risks inherent in highway concessions, including changes to tolling arrangements and concession terms. Nevertheless, the likelihood of concession termination or expropriation due to non-performance is low, given the Highways' estab