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确认了对Yinson Holdings Berhad的10亿令吉伊斯兰中期票据计划(优先债券)的A+IS评级。同时,该评级机构还确认了其对该集团10令吉次级永续伊斯兰票据计划(永久债券)的A-IS评级。MARC表示,两个工具之间的两级评级差异反映了永久伊斯兰债券的从属结构。所有评级的前景都稳定。
该公司表示,高级评级确认继续反映了Yinson的健康利润率,以及提供浮动、生产、储存和卸载(FPSO)船舶的大量租船合同的长期收益可见性。该评级还考虑了Yinson在FPSO行业的既定往绩,这使他们能够建立庞大的投资组合。尽管有这些优势,但交易对手的低至中等风险状况以及导致借款增加的FPSO业务的资本密集型性质仍然是该评级的关键调节因素。
MARC评级表示,据了解,借款总额将从2024财年底的180令吉增加到截至2025年1月的财政年度(FY2025)的228令吉左右。借款的增加将主要为FPSO Maria Quiteria和FPSO Agogo的剩余建设提供资金。借款也比先前的预测有所增加,部分原因是令吉贬值,因为Yinson的大多数借款都以美元计价。但是,MARC评级指出,Yinson主要以美元计价的收入为美元的还本付息提供了自然的对冲工具,从而降低了货币风险。
Yinson预计,FY2025(FY2024:1.6倍)的总追索权债务与权益(DE)比率约为2.1倍,这将是暂时的,在FPSO Maria Quiteria于2024年10月投入运营后,将降至1.5倍左右。这将导致 Yinson 在 FY2026 中为这个 FPSO 的贷款提供约 45 令吉的担保。MARC评级还预计,该集团未来将保持约1.5倍的追索权水平。为此,该集团可以考虑筹集股票工具,以缓解其资产负债表上的杠杆压力。
MARC 指出,Yinson的财务表现完全符合 FY2024 的预期。