KUCHING: Sarawak Energy has secured its first-time issuer credit rating from two international rating agencies: Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P).
Moody’s has assigned an issuer credit rating of A3 (stable outlook) while S&P assigned an A- (negative outlook) issuer credit rating to Sarawak Energy, which mirrors and equalises with the ratings of Sarawak.
Sarawak Energy Group Chief Executive Officer Datuk Sharbini Suhaili in a statement today (June 8) said that they are pleased to have secured these international credit ratings which reflect Sarawak Energy’s strengths while benchmarking them with their regional peers.
“These ratings will further amplify our profile in regional and international markets, bringing greater transparency and growing investor confidence.
“This also builds our global track record and supports Sarawak Energy in our transformation journey from a traditional utility into a key regional hydropower developer with a vision to achieve sustainable growth and prosperity for Sarawak by meeting Southeast Asia’s need for reliable and renewable energy,” Sharbini added.
Sarawak Energy Chief Financial Officer Alexander Chin extended his gratitude to the shareholders and all stakeholders for securing the investment grade international credit ratings.
“This will provide opportunities for us to tap into the international and sustainable financing market for our future funding requirements as Sarawak Energy continues to materialise its regional expansion plans as part of our aspiration to become a regional powerhouse,” Chin said.
Sarawak Energy’s investment grade ratings reflect its position as Sarawak’s primary electricity utility company, as well as its pivotal role in the state’s economic development via the Sarawak Corridor of Renewable Energy (SCORE), a strong earnings profile supported by growing and long-term customer demand, and competitive tariffs anchored by renewable hydropower.
Sarawak Energy is wholly owned by the Sarawak government and has strong strategic ties to the state, as evidenced by the government’s support over the years.
Sarawak Energy also has an existing RM15 billion Sukuk Musyarakah programme that has been rated AAA/Stable by RAM Ratings Services Berhad, the largest and leading credit rating agency in Malaysia and South East Asia (ASEAN).
