MARC Ratings has upgraded several ratings on Sunway Group’s debt and sukuk programmes, citing a stronger balance sheet following the listing of Sunway Healthcare Holdings Bhd (SHH) and improved earnings contributions across the group’s core businesses.
The rating agency upgraded Sunway Treasury Sukuk Sdn Bhd’s RM3 billion Islamic Commercial Papers/Islamic Medium-Term Notes Programme to MARC-1IS(cg)/AAIS(cg) from MARC-1IS(cg)/AA-IS(cg).
It also raised Sunway Bhd’s RM2 billion Commercial Papers/Medium-Term Notes Programme to MARC-1/AA from MARC-1/AA-, while the group’s RM5 billion Perpetual Sukuk Programme was upgraded to A+IS from AIS.
Meanwhile, Sunway Treasury Sukuk’s RM10 billion IMTN Programme, which carries an Al-Kafalah guarantee from Sunway Bhd, was upgraded to AAIS from AA-IS.
The outlook on all the ratings is stable.
MARC Ratings said the upgrades reflect the improvement in Sunway Group’s leverage profile following the completion of SHH’s listing in March 2026.
The listing expanded the group’s equity base following consolidation, helping offset the impact of incorporating SHH’s borrowings into the group’s balance sheet.
As at end-1H2026, Sunway Group’s debt-to-equity ratio improved to 0.62 times from 0.88 times at end-2025, while its net debt-to-equity ratio declined to 0.29 times from 0.48 times over the same period.
MARC Ratings said the stronger leverage position gives the group additional financial headroom to support future growth.
The agency also pointed to sustained improvements in Sunway Group’s earnings profile in recent years, supported by stronger contributions across its key operating segments.
Taken together, the improved capital structure and earnings performance were key factors behind the latest rating upgrades, while the stable outlook reflects MARC Ratings’ expectation that the group can maintain its strengthened credit profile.
