MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad's RM1.0 billion Islamic Medium-Term Notes Programme (Senior Sukuk). Concurrently, the rating agency has also affirmed its A-IS rating on the group's RM1.0 billion Subordinated Perpetual Islamic Notes Programme (Perpetual Sukuk). MARC said the two-notch rating differential between the instruments reflects the subordinated structure of the Perpetual Sukuk. The outlook on all ratings is stable.
The senior rating affirmation it said continues to reflect Yinson's healthy profit margins, and long-term earnings visibility from sizeable charter contracts for providing floating, production, storage and offloading (FPSO) vessels. The rating also factors in Yinson's established track record in the FPSO industry which has enabled them to build a sizeable portfolio. These strengths notwithstanding, the weak-to-moderate risk profile of counterparties, and the capital-intensive nature of the FPSO business that has led to growing borrowings remain key moderating factors of the rating.
MARC Ratings said it understands that total borrowings will increase to around RM22.8 billion in the financial year ending January 2025 (FY2025), from RM18.0 billion as at end-FY2024. The increase in borrowings will mainly fund the remaining construction of FPSO Maria Quitéria and FPSO Agogo. Borrowings had also increased from earlier projections in part due to the weakening ringgit, as most of Yinson's borrowings are denominated in USD. MARC Ratings notes, however, that Yinson's principally USD-denominated revenue provides a natural hedge for USD debt service, mitigating currency risk.
Yinson's projected gross recourse debt-to-equity (DE) ratio of around 2.1x for FY2025 (FY2024: 1.6x) is expected to be temporary, and would ease to around 1.5x after FPSO Maria Quitéria becomes operational in October 2024. This would lead to Yinson's guarantee of around RM4.5 billion on this FPSO's loans being released in FY2026. MARC Ratings also expects the group to adhere to a recourse DE level of around 1.5x going forward. Towards this end, the group may consider raising equity instruments to alleviate leverage pressure on its balance sheet.
MARC noted that Yinson's financial performance was well within expectations for FY2024.
MARC Ratings確認了對Yinson Holdings Berhad的10億令吉伊斯蘭中期票據計劃(優先債券)的A+IS評級。同時，該評級機構還確認了其對該集團10令吉次級永續伊斯蘭票據計劃（永久債券）的A-IS評級。MARC表示，兩個工具之間的兩級評級差異反映了永久伊斯蘭債券的從屬結構。所有評級的前景都穩定。
該公司表示，高級評級確認繼續反映了Yinson的健康利潤率，以及提供浮動、生產、儲存和卸載（FPSO）船舶的大量租船合同的長期收益可見性。該評級還考慮了Yinson在FPSO行業的既定往績，這使他們能夠建立龐大的投資組合。儘管有這些優勢，但交易對手的低至中等風險狀況以及導致借款增加的FPSO業務的資本密集型性質仍然是該評級的關鍵調節因素。
MARC評級表示，據了解，借款總額將從2024財年底的180令吉增加到截至2025年1月的財政年度（FY2025）的228令吉左右。借款的增加將主要爲FPSO Maria Quiteria和FPSO Agogo的剩餘建設提供資金。借款也比先前的預測有所增加，部分原因是令吉貶值，因爲Yinson的大多數借款都以美元計價。但是，MARC評級指出，Yinson主要以美元計價的收入爲美元的還本付息提供了自然的對沖工具，從而降低了貨幣風險。
Yinson預計，FY2025（FY2024：1.6倍）的總追索權債務與權益（DE）比率約爲2.1倍，這將是暫時的，在FPSO Maria Quiteria於2024年10月投入運營後，將降至1.5倍左右。這將導致 Yinson 在 FY2026 中爲這個 FPSO 的貸款提供約 45 令吉的擔保。MARC評級還預計，該集團未來將保持約1.5倍的追索權水平。爲此，該集團可以考慮籌集股票工具，以緩解其資產負債表上的槓桿壓力。
MARC 指出，Yinson的財務表現完全符合 FY2024 的預期。
