RAM Ratings: Danajamin Nasional’s Insurer Financial Strength Rating Reaffirmed at AAA/Stable/P1

RAM Ratings (RAM) has reaffirmed Danajamin Nasional’s (Danajamin) Insurer Financial Strength ratings at AAA/Stable/P1. The Senior and Subordinated Sukuk of the company’s Sukuk Murabahah Programme (extending to MYR 2 billion) were rated AAA/Stable and AA1/ Stable, respectively.

The ratings reflect the anticipated support of the Government of Malaysia in its mandate to stimulate the country’s bond and Sukuk market, as well as the company’s sound financial metrics despite its first-ever default of MYR 105 million earlier this year.

RAM sees the company’s small portfolio of 23 issuers, coupled with its mission to facilitate funding for viable companies wit...