RAM Ratings withdraws rating of Boustead-sponsored financing vehicle’s Guaranteed Class E Bonds after full redemption

Published on 31 Jul 2019.

Share Tweet Email

RAM Ratings has withdrawn the AAA(fg)/Stable rating of Mecuro Properties Sdn Bhd’s (Mecuro) RM210 mil Guaranteed Class E Bonds issued under its RM900 mil Nominal Value Bonds (Facility), following the Facility’s full redemption on 31 July 2019. As such, RAM no longer has any rating obligation in respect of the Facility. 

The withdrawal follows confirmation that the requirements of the settlement notice dated 12 July 2019 - in relation to the third property call option to purchase both e@Curve shopping mall and Menara Affin – were fulfilled on 18 July 2019. Proceeds from the disposal of these assets had been used to fully redeem the RM210 mil of bonds due on the expected maturity date. 

Mecuro is a special-purpose vehicle incorporated as a funding conduit for a sale-and-leaseback transaction backed by a portfolio of five properties. The originators of the properties are subsidiaries of Bursa Malaysia-listed Boustead Holdings Berhad, a diversified conglomerate and flagship investment asset of Lembaga Tabung Angkatan Tentera. 


Analytical contact
Lim Chern Yit
(603) 3385 2528

Media contact
Padthma Subbiah
(603) 3385 2577


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 entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
© Copyright 2019 by RAM Rating Services Berhad

Ratings on Mecuro Properties Sdn Bhd