RAM Reaffirms AAA/Stable Ratings of Gulf Investment Corporation’s MYR 3.5 Billion Sukuk Wakalah

RAM Rating Services (RAM) has reaffirmed the AAA/Stable ratings of Gulf Investment Corporation’s (GIC) MYR 3.5 billion Sukuk Wakalah Bi Al-Istithmar Programme (2011/2031) and its MYR 400 million Senior Unsecured Bonds (2008/2023). In addition, RAM has reaffirmed the AAA/Stable/P1 corporate credit ratings of GIC.

GIC is a supranational financial institution owned equally by the six Gulf Cooperation Council (GCC) states, with a mandate to support the region’s development. The ratings reflect the extraordinary support that GIC has from its GCC shareholders, particularly from the United Arab Emirates, Qatar, Kuwait, and Saudi Arabia. According to RAM, the sovereigns’ credit strengths have remained stable, although there are higher risks as a result of lower oil p...