Infracap Resources’ Proposed MYR 15 Billion Sukuk Murabahah Programme Receives AAA(s)/Stable Rating: RAM Ratings

Infracap Resources’ proposed MYR 15 billion Sukuk Murabahah Programme (The Sukuk Programme) has received a preliminary rating of AAA(s)/Stable from RAM Ratings (RAM). Infracap Resources, a wholly owned subsidiary of the Sarawak State Government (the State) is used as a funding vehicle, and its rating mirrors the State’s credit strength, according to RAM.

The Sukuk Programme will be utilized to fund a total of 11 development projects throughout Sarawak and could generate a multiplier effect over the long term to support the State’s future revenues, notes RAM.

According to RAM, the State currently holds substantial reserves with the ability to finance sizeable projects prior to the receipt of grants and subsidies from Malaysia’s Federal Government...