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.

Table 1: Yinson's ratings 
	                                                                   Rating
Corporate credit ratings 	                                        A1/Stable/P1
Islamic Medium-Term Notes Programme of up to RM1.0 bil	                 A1/Stable
Subordinated Perpetual Islamic Notes Programme of up to RM1.0 bil (1)	 A3/Stable
(1)This is rated 2 notches below Yinson's corporate credit rating to reflect its subordinated position and the risk of deferrable profit distributions.

Analytical contacts
Karin Koh, CFA
(603) 2708 8237
[email protected]

Thong Mun Wai
(603) 2708 8255
[email protected]

Media contact
Sakinah Arifin
(603) 2708 8212
[email protected]

Date of release: 5 November 2025

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