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RAM Ratings affirms Gulf Investment Corporation’s AAA rating
Published on 01 Dec 2025.
RAM Ratings has affirmed Gulf Investment Corporation G.S.C.’s (GIC or the Corporation) AAA/Stable/P1 corporate credit ratings and the AAA/Stable rating of its RM3.5 billion Sukuk Wakalah bi Istithmar Programme (2011/2031).
The ratings continue to reflect RAM’s view of a ‘very high’ likelihood of extraordinary support from GIC’s Gulf Cooperation Council (GCC) shareholders – particularly the United Arab Emirates, Qatar, Kuwait and Saudi Arabia – should such support be required. This assessment is underpinned by the Corporation’s unique mandate to promote economic development within the GCC region.
GIC’s earnings profile is volatile due to its exposure to cyclical commodities and a substantial securities portfolio, both of which are subject to market movements. Revenue for 1H FY Dec 2025 was stable y-o-y at USD164 mil, supported by steady associate contributions and fair value gains. In 2024, GIC’s pre-tax profit rose 18% y-o-y, reaching USD239 mil, aided by gains from the sale of an associate and a subsidiary, as well as higher associate profits. The Corporation is currently in advanced discussions to divest its largest investee company, a move which would significantly reduce concentration risk but also remove a major recurring income source.
Low leverage, strong capitalisation and healthy liquidity remain GIC’s key rating strengths, moderating earnings volatility risks. As at end-June 2025, leverage and tier-1 capital ratios were 1.3 times and 32%, respectively. The potential divestment would boost capital ratios through lower risk-weighted assets and possible gains, although the extent of improvement is unclear pending the outcome of negotiations. We expect GIC’s conservative risk appetite to keep these indicators strong.
The Corporation’s liquidity profile is well supported by sizeable holdings of cash, interbank placements and liquid investments. Liquidity coverage and net stable funding ratios were at healthy levels of 166% and 156%, respectively, as at end-June 2025.
Analytical contacts
Chan Yin Huei
(603) 2708 8296
yinhuei@ram.com.my
Sophia Lee
(603) 2708 8211
sophia@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
© Copyright 2025 by RAM Rating Services Berhad
