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null RAM Ratings assigns final AAA(s)/Stable rating to sukuk by Sarawak’s SPV, Infracap Resources

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RAM Ratings assigns final AAA(s)/Stable rating to sukuk by Sarawak’s SPV, Infracap Resources

13 Apr 2021 | Tuesday source: RAM Rating Services

RAM Ratings has assigned a final AAA(s)/Stable rating to Infracap Resources Sdn Bhd’s (Infracap) RM15 bil Sukuk Murabahah Programme (2021/2041). In doing so, we have reviewed the relevant final transaction documents and the repayment schedule. These are in line with our expectations, similar to when the preliminary rating had been assigned (and subsequently published on 27 January 2021).

Infracap is a funding vehicle of the Sarawak state government (the State) through wholly owned subsidiary, Infracap Development Holdings Sdn Bhd. Based on the entity set-up, transaction structure and representations by the State Financial Secretary, the servicing and repayment of the Sukuk will emanate from the State, with monies to be regularly set aside from its annual budget for this purpose. The proceeds from the Sukuk will be used to fund 11 specific development projects throughout Sarawak, which may generate a multiplier effect over the longer term to support the State’s future revenues.

The State has a few outstanding bonds, namely the Sukuk Murabahah Programme under Aquasar Capital Sdn Bhd (currently rated AAA(s)/Stable by RAM) maturing in 2029 and three USD-denominated bonds maturing in 2022 and 2026.


Analytical contact

Lynette Lee

(603) 3385 2621


Media contact

Padthma Subbiah

(603) 3385 2577


Date of release: 13 April 2021


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