[RAM] RAM Ratings withdraws AAA(fg) rating of Great Realty's Guaranteed MTN Programme following refinancing exercise

RAM Ratings has withdrawn the AAA(fg)/Stable rating of Great Realty Sdn Bhd’s (Great Realty) RM170 million Guaranteed MTN Programme following confirmation that the facility has been fully redeemed ahead of its maturity date of 28 May 2029. The early redemption was part of a refinancing exercise by way of the issuance of RM785 million of First Tranche Sukuk Ijarah under AC First Genesis Berhad (refer here). As such, RAM no longer has any rating obligation in respect of the programme.

Both transactions involved Aman Central Mall, an eight-storey retail mall in Alor Setar, Kedah. The ultimate sponsor of the transactions, Belleview Sdn Bhd, is a Penang-based developer, privately owned by Dato’ Ho Kiong Chan. Belleview is presently developing the 1.2 mil sq ft GEM Megamall in Prai, Penang, which upon completion in 2022 will be the largest shopping mall in the northern region.


Analytical contact
Lim Chern Yit
(603) 3385 2528
chernyit@ram.com.my

Media contact
Padthma Subbiah
(603) 3385 2577
padthma@ram.com.my