RAM Reaffirms Aquasar Capital’s MYR 1.5 billion Sukuk Murabahah Rating at AAA(s)/Stable

October 27, 2020

RAM Ratings (RAM) has reaffirmed the rating of Aquasar Capital’s MYR 1.5 billion Sukuk Murabahah Programme (2014/2029) at AAA(s)/Stable. Aquasar Capital is the Government of Sarawak’s funding conduit for the Sukuk programme to finance the development of the Kuching Centralised Sewerage System.

According to RAM, the operations and maintenance of the project does not impact Aquasar Capital’s repayment of the Sukuk. The rating reflects the credit strength of Sarawak, as periodic principal and profit payments are made by the Sarawak State Government through annual budget appropriation. However, RAM noted that the State Government has not granted a definite guarantee to the Sukuk.