RAM Ratings withdraws ratings of Pulau Indah Power Plant’s proposed sukuk

Published on 06 Jul 2021.

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RAM Ratings has received confirmation that Pulau Indah Power Plant Sdn Bhd (PIPP) will not be proceeding with its proposed 18-year RM2.9 bil Sukuk Wakalah Bi Al-Istithmar (see table). We have therefore withdrawn the preliminary ratings of the proposed sukuk and no longer have any rating obligation in respect of it.

Sukuk Wakalah


RM2.655 bil Class A


RM250 mil Subordinated Class B



We understand that PIPP secured a RM2.7 bil syndicated financing facility in March 2021, thus achieving financial close, and has since commenced construction of the plant.


Analytical contacts
Jack Kwan
(603) 3385 2532

Chong Van Nee, CFA
(603) 3385 2482


The credit rating is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
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Ratings on Pulau Indah Power Plant Sdn Bhd