KUALA LUMPUR: RAM Rating Services Bhd (RAM Ratings) has upgraded the rating of Widad Capital Sdn Bhd’s sukuk murabahah programme of up to RM110 million in nominal value to AA1 from AA2 and revised the rating outlook to stable from positive.
The rating agency said this is based on the strong debt-servicing ability and healthy operating performance of the Widad Group subsidiary, underpinned by timely monthly contractual payments from the Public Works Department under the facilities maintenance contract for the National Palace.