RAM Assigns Final AAA(s)/Stable Rating to Infracap Resources’ MYR 15 Billion Sukuk

RAM Ratings (RAM) has assigned a final AAA(s)/Stable rating to Infracap Resources’ (Infracap) MYR 15 billion Sukuk Murabahah Programme (2021/2041) (the Sukuk).

On the 27th of January 2021, RAM assigned a preliminary rating to the Sukuk, with the ratings agency affirming the same for the final rating. This followed a review of relevant final transaction documents and the repayment schedule, which fall in line with RAM’s expectations.

Ratings Rationale

Infracap, through its wholly-owned subsidiary Infracap Development, is a funding vehicle of the Sarawak State Government (the State), and its rating mirrors the State’s robust credit strength. Based on the transaction structure, entity set-up, and representations by the State F...