Published on 18 Sep 2019.
RAM Ratings has withdrawn the AAA rating of Ara Bintang Berhad’s RM330 mil Second Senior MTN and the respective C3 ratings of its RM730 mil Third Junior MTN, RM10 mil Fourth Junior MTN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.
Lim Chern Yit
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Ratings on Ara Bintang Berhad (Fifth Junior MTN)