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RAM Ratings affirms Yinson’s A1/Stable ratings
Published on 12 Oct 2026.
RAM Ratings has affirmed Yinson Holdings Berhad’s (the Group) A1/Stable/P1 corporate credit ratings as well as the A1/Stable ratings of its RM1 billion and RM2 billion Islamic Medium-Term Notes programmes. We have also affirmed the A3/Stable rating of its RM1 billion Subordinated Perpetual Islamic Notes Programme, two notches lower than its CCR to reflect the perpetual notes’ subordinated position and the higher loss absorption characteristics given the issuer’s option to defer profit distributions.
The affirmations reflect RAM’s expectation that Yinson’s credit metrics will remain resilient despite planned fleet expansion. The Group’s nine operational floating production, storage and offloading (FPSO) vessels are backed by long-term charter contracts of up to 25 years that provide stable earnings and cash flow. Yinson’s established track record and global market position support its ability to secure future projects. Following its delivery of Agogo FPSO in FY Jan 2026, two joint-venture floating storage and offloading vessels under construction are scheduled to become operational in the next 12 months.
Yinson recorded stronger earnings in FY Jan 2026, with adjusted operating profit rising to RM2.8 bil from RM1.9 bil a year earlier. Its adjusted operating cash flow (OCF) increased to about USD200 mil (circa 7% higher y-o-y and twice the FY Jan 2024 level), driven by contributions from its enlarged fleet. This translated into an adjusted OCF debt coverage of 0.06 times, which while lower than peers’, remains supportive of the Group’s current ratings.
As at end-July 2026, adjusted debt, excluding non-recourse borrowings, stood at RM8.1 bil, with gearing of 1.44 times. As Yinson is targeting to secure three new FPSO projects between FY Jan 2027 and FY Jan 2029, leverage may remain elevated during this expansion phase, although debt metrics are expected to improve as new assets begin generating cash flow.
Meanwhile, reported potential privatisation by Yinson’s major shareholder has no immediate rating impact, pending greater clarity on the structure and funding of any transaction. We will monitor this development for any rating implications when more details become available.
Analytical contacts
Chuan Shyang Lin
(603) 2708 8209
shyanglin@ram.com.my
Ben Inn
(603) 2708 8290
ben@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 2026 by RAM Rating Services Berhad
