[RAM] Swirl Assets fully redeems Senior Notes ahead of maturity

RAM Ratings has received confirmation that Swirl Assets Berhad (Swirl Assets) fully redeemed its remaining RM225 mil Tranche 6, 7 and 8 Senior Notes on 17 December 2025, ahead of their scheduled maturity dates. The early full settlement constitutes a mandatory prepayment event under the transaction, occurs as a result of Pengurusan Air Selangor Sdn Bhd (Air Selangor or the Obligor) exercising of option to fully prepay the remaining annual instalments and accrued interest payable under the Share Purchase Agreement (SPA).  Accordingly, we have withdrawn the AAA/Stable rating of the Senior Notes and no longer have any rating obligation in respect of the facility.

The Senior Notes was issued under Swirl Assets’ RM 700 mil Asset-Backed Medium-Term Notes Facility, established by Syarikat Pengeluar Air Selangor Holdings Berhad (SPLASH Holdings or the Originator) to monetise outstanding receivables from Air Selangor as stipulated under the SPA. The SPA governs Air Selangor’s acquisition of SPLASH Holdings’ entire stake in Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH), pursuant to Selangor state’s water restructuring exercise.

After full redemption of Senior Notes, any remaining funds in the designated accounts will be used to redeem outstanding Junior Notes and coupons under the same Facility.


Analytical contacts
Amira Shamsul, CFA
(603) 2708 8242
syahira@ram.com.my

Tan Han Nee
(603) 2708 8322
hannee@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my