RAM Ratings withdraws ratings of Starhill Global’s MTNs issued via Ara Bintang following full redemption

Published on 18 Sep 2019.

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RAM Ratings has withdrawn the AAA rating of Ara Bintang Berhad’s RM330 mil Second Senior MTN and the respective C3 ratings of its RM730 mil Third Junior MTN, RM10 mil Fourth Junior MTN and RM10 mil Fifth Junior MTN (collectively, the Rated MTNs). This follows confirmation that the Rated MTNs had been fully redeemed on their expected maturity date of 17 September 2019, via the issuance of unrated MTN as provided under the transaction. As such, RAM no longer has any rating obligation in respect of the Rated MTNs, issued in September 2014 under Ara Bintang’s RM1.25 bil MTN Programme.

The transaction is a property securitisation involving Starhill Gallery and Lot 10 Shopping Mall – two retail assets situated along Jalan Bukit Bintang in Kuala Lumpur. Both assets are part of Starhill Global REIT’s portfolio, a retail and office real estate investment trust listed in Singapore, with assets under management of SGD3.06 billion as at end-June 2019. 


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 Ara Bintang Berhad (Fifth Junior MTN)