RAM: Widad Capital’s MYR 110 Million Sukuk Rating Upgraded to AA1; Outlook Revised to Stable

RAM Rating Services (RAM) has upgraded the rating of Widad Capital’s Sukuk Murabahah of up to MYR 110 million to AA1 from AA2. The rating agency has also revised the rating outlook to stable, from positive.

The rating is based on Widad Capital’s robust ability to service debt as well as its healthy operating performance, supported by regular monthly contract payments from Malaysia’s Public Works Department (PWD), under the facilities maintenance contract for the National Palace of Malaysia. RAM’s upgrade of the rating is further bolstered by Widad Capital’s ability to successfully deliver its services under the contract over the past four years.

Widad...