RAM Ratings assigns ratings to Sunway Berhad's debt programmes, and Sunway Treasury Sukuk Sdn Bhd's Sukuk programmes

RAM Ratings has assigned initial ratings of Sunway Berhad's (Sunway or the Group) debt programmes and Sunway Treasury Sukuk Sdn Bhd's Sukuk programmes, as listed below:

Issuer                        Facility                                           Rating/Outlook                                     

Sunway Berhad                  RM2.0 billion Commercial Paper/Medium Term
                               Notes Programme (2022/2027)                             AA1/Stable/P1
                               RM5.0 billion Perpetual Sukuk Programme (2018/-)        AA3/Stable

Sunway Treasury Sukuk          RM3.0 billion Islamic Commercial Paper/Islamic
Sdn Bhd                        Medium Term Notes Programme (2026/2033)                 AA1(s)/Stable/P1
                               RM10.0 billion Islamic Medium Term Notes
                               Programme (2017/2117)                                   AA1(s)/Stable

Note: The debt facilities of Sunway Treasury Sukuk Sdn Bhd are irrevocably and unconditionally guaranteed by the Group.

These ratings are in line with the AA1/Stable/P1 corporate credit ratings assigned to Sunway Berhad on 8 September 2026.

The ratings are anchored by Sunway's entrenched position as one of Malaysia's largest diversified conglomerates, supported by established market positions across property development, construction, property investment and healthcare. The Group's extensive vertical integration across its core property value chain underpins a resilient business model and a more stable earnings profile relative to peers. These strengths are moderated by the Group's modest debt coverage metrics, reflecting a sizeable debt burden accumulated to fund business expansion.

Earnings visibility over the medium to long term remains strong. As at August 2026, the Group had RM8.3 billion in unbilled prope