Published on 31 Jul 2019.
RAM Ratings has withdrawn the AAA(fg)/Stable rating of Mecuro Properties Sdn Bhd’s (Mecuro) RM210 mil Guaranteed Class E Bonds issued under its RM900 mil Nominal Value Bonds (Facility),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.
Lim Chern Yit
(603) 3385 2528
(603) 3385 2577
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Ratings on Mecuro Properties Sdn Bhd