RAM Ratings Assigns AAA/Stable Rating to Petroleum Sarawak’s Proposed MYR 15 Billion Multi-Currency Sukuk

RAM Ratings (RAM) has assigned a AAA/Stable rating to Sarawak-state-owned Petroleum Sarawak’s (PETROS or the Group) proposed Multi-Currency Islamic Medium-Term Notes (Sukuk) of up to MYR 15 billion (2021/2051), to be issued by wholly-owned subsidiary Petroleum Sarawak Exploration & Production (PSEP). In addition, the ratings agency has assigned corporate credit ratings (CCR) of AAA/Stable/P1 to the Group.

PETROS has been assigned to plan and develop the oil and gas (O&G sector) in Sarawak State. According to RAM, PETROS’s rating of its proposed Sukuk and CCR reflect that of Sarawak’s strength, given its important role in developing the State’s O&G reserves. Furthermore, RAM expects the Sarawak State Government (SSG) to provide financial assi...