MALAYSIA: RAM has assigned a preliminary rating of ‘AA3/Stable’ to RP Hydro (Kelantan)’s proposed ASEAN Green SRI Sukuk under the Shariah principle of Wakalah Bi Istithmar worth up to RM975 million (US$219.87 million).
According to a note from the agency, the rating considers an issuance size of RM960 million (US$216.48 million), and reflects RP Hydro’s sturdy project fundamentals underscored by favorable renewable energy power purchase agreement terms and low offtake risk.