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RAM Ratings assigns A1/stable rating to Yinson’s proposed sukuk
Published on 05 Nov 2025.
RAM Ratings has assigned an A1/Stable rating to Yinson Holdings Berhad’s (Yinson or the Group) proposed Islamic Medium-Term Notes (Sukuk Wakalah) Programme of RM2.0 billion.
The rating reflects the Group’s established position as one of the largest independent providers of floating production systems globally, underscored by the Group’s total outstanding order book of USD20.9 bil as of September 2025. This orderbook underpins strong long-term visibility for future revenue and earnings. This is complemented by its proven execution capabilities and the high barriers to entry inherent in the sector, which favour established players like Yinson. These credit strengths are, however, moderated by the Group’s significant debt-funded expansion, weak debt coverages, high customer concentration risk, and ongoing execution and construction risks.
RAM last affirmed the following ratings in September 2025. Please refer to our rating rationale dated November 2025 for further details.
Analytical contacts
Karin Koh, CFA
(603) 2708 8237
karin@ram.com.my
Thong Mun Wai
(603) 2708 8255
munwai@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch 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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