Find A Rating 
PRESS RELEASES
RAM Ratings assigns final AA2/Stable rating to Solarpack Suria Sungai Petani’s green sukuk of up to RM305 million
Published on 03 Apr 2023.
RAM Ratings has assigned a final rating of AA2/Stable to Solarpack Suria Sungai Petani Sdn Bhd’s (3SP, the Company) ASEAN Green SRI Sukuk Wakalah of up to RM305 mil (2023/2043) (the Sukuk). In doing so, we have reviewed all relevant transaction documents and find them to be in line with our expectations when the preliminary rating was assigned (published on 10 February 2023).
3SP is an independent power producer with a 21-year power purchase agreement with Tenaga Nasional Berhad, awarded under Malaysia’s Large-Scale Solar 3 Scheme. The Company is contracted to design, construct, own, operate and maintain a 90.88MWac solar photovoltaic plant (the Plant) in Sungai Petani, Kuala Muda, Kedah. The Plant achieved commercial operations on 8 March 2022. Proceeds from the Sukuk will largely be utilised to refinance the bridging loan taken to fund the Plant’s construction. The rating considers a one-off issuance of RM285 mil. The Company’s Green Sukuk Framework was reviewed by RAM Sustainability Sdn Bhd.
Analytical contacts
Lee Jo Yee
(603) 3385 2583
joyee@ram.com.my
Chong Van Nee, CFA
(603) 3385 2482
vannee@ram.com.my
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
© Copyright 2023 by RAM Rating Services Berhad
