RAM: Sabah Credit Corporation’s Sukuk Ratings Reaffirmed at AA1/Stable/P1

RAM Ratings (RAM) has reaffirmed Sabah Credit Corporation (SCC)’s outstanding Sukuk ratings at AA1/Stable/P1. According to RAM, the reaffirmation is based on the expectation of available financial support for SCC from the Sabah State Government (State) when required. SCC, which is wholly-owned by the State, plays a key role in the socio-economic development of the State of Sabah.

The above-mentioned support has been demonstrated via the subordination of SCC’s state government borrowings to SCC’s Sukuk, the conversion of SCC’s state government borrowings into share capital, along with the extension of letters of support for SCC’s Sukuk facilities.

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