RAM Ratings has assigned a final AA2/Stable rating to the RM180 mil Tranche 1 sukuk (2026/2044) (Tranche 1) issued under GBS Green Sdn Bhd's (the Issuer) ASEAN Green SRI Sukuk Wakalah Programme of up to RM500 mil (2026/2056). In doing so, we have reviewed all relevant transaction documents and find them to be in line with our expectations when the preliminary rating was updated in March 2026 (published here).

GBS Green is a special-purpose funding vehicle of Gopeng Berhad (Gopeng). The Tranche 1 sukuk is backed by corporate guarantees from Gopeng and GBS Suria Sdn Bhd (the project company awarded the power purchase agreement with offtaker Tenaga Nasional Berhad) in favour of the Tranche 1 Security Trustee. This structure aligns interests to ensure timely sukuk repayments. Tranche 1 proceeds are earmarked to settle outstanding deferred engineering, procurement, construction and commissioning costs due to Sunway Construction Sdn Bhd.

The Issuer's ASEAN Green SRI Sukuk Wakalah Programme Sustainability Framework carries a second party opinion provided by RAM Sustainability Sdn Bhd. Under this opinion, the 50 MWac solar photovoltaic plant under Gopeng - the project underlying the Tranche 1 sukuk - received a Tier-1 Environmental Benefit ranking. More details can be found here.

Analytical contacts

Chew Chiang Lim
(603) 2708 8297
[email protected]

Chong Van Nee, CFA
(603) 2708 8210
[email protected]

Media contact
Sakinah Arifin
(603) 2708 [email protected]

Date of release: 27 March 2026

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security's market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated e