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RAM-rated Edra Solar's sustainability sukuk breaks new ground

KUALA LUMPUR, Sept 10 -- Edra Solar Sdn Bhd’s proposed RM245 million Asean sustainability socially responsible investment (SRI) sukuk is not only a trailblazer in blending green and social elements but has the distinction of carrying a combination of three different types of ratings -- another market first.

The proposed sustainability sukuk has a credit rating, an environmental benefit rating and a social benefit rating, RAM Consultancy Services Sdn Bhd (RAMC) said in a statement today.

RAMC chief executive officer Promod Dass said Edra Solar’s SRI sukuk was the first transaction to be assigned a RAMC Social Benefit rating and contributed to further innovation in sustainable finance.

“RAMC’s social bond/sukuk assessment represents a quantitative and qualitative evaluation of a project’s contribution to potential social solutions,” Dass said.

He added that RAMC had considered the strategic importance of the project as well as its direct and measurable social benefits while the project’s scale, depth and duration are also key elements in RAMC’s criteria.

On Friday last week, RAM Ratings assigned a preliminary AA2/Stable credit rating to the proposed sustainability sukuk.

Concurrently, RAMC -- a provider of sustainability services and environmental, social and governance (ESG) analytics -- assigned Tier-1 Environmental Benefit (Tier-1 EB) and Tier-3 Social Benefit (Tier-3 SB) ratings to the proposed issue.

RAMC said the RAM group was an active contributor to sustainability and green finance development globally.

On May 26, 2016, RAM Ratings joined the global line-up of six pioneer credit rating agency signatories to the United Nations-supported Principles for Responsible Investment's Statement on ESG in Credit Ratings.

-- BERNAMA

 

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