[RAM] RAM Ratings assigns A1/stable rating to Yinson's proposed sukuk

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