This is the second consecutive year that RAM Ratings has been honoured as Rating Agency of the Year, Malaysia by The Asset.
KUALA LUMPUR: RAM Rating Services Bhd sees large infrastructure and power projects propelling Sarawak’s growth and funding opportunities.
Chief executive officer Foo Su Yin said the Malaysian debt capital market will play an instrumental role in funding Sarawak’s economic progress.
“Since 1993, RAM has cumulatively rated about RM31bil of bond and sukuk programmes from Sarawak-related issuers (with about RM18bil currently outstanding),” Foo added in a statement.
The power sector has fuelled many transactions and accounted for about 85% of the bonds and sukuk related to Sarawak.
Recently, RAM-rated Sarawak Hidro Sdn Bhd raised a RM5.5bil sukuk to partially refinance debts related to the Bakun Dam.
“Year-to-date, this is the largest rated corporate sukuk issuance in the Malaysian debt capital market.
“As for infrastructure development in Sarawak, it is gaining momentum and the Malaysian debt capital market will continue playing a vital part in this,” said RAM deputy chief executive officer, Promod Dass.
RAM also noted that construction companies, such as Cahya Mata Sarawak Bhd
will benefit from the high-impact projects over the next few years. - Bernama
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