RAM Ratings withdraws ratings of Lucida Capital’s office building-backed MTNs after early redemption

Published on 13 Nov 2020.

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RAM Ratings has withdrawn the respective AAA/Stable, AA3/Stable and AAA/Stable ratings of Lucida Capital Berhad’s (the Issuer) RM75 mil Senior Class A, RM13 mil Senior Class B and RM30 mil Stand-Alone Class C MTNs under the Issuer’s up to RM370 mil MTN Programme. The rating withdrawal follows the early redemption of the MTNs. Lucida Capital’s up to RM252 mil Subordinated Class D MTN is unrated. 

Hong Leong Investment Bank Berhad (the Facility Agent) has confirmed that the Issuer fully redeemed the outstanding RM55 mil of rated MTNs on 13 November 2020, ahead of their maturity on 31 March 2021. The early redemption had been effected via a Property Call Option on 18 September 2020 by Quill Towers Sdn Bhd (Originator). As such, RAM no longer has any rating obligation on the MTNs.

Lucida Capital is a single-purpose entity incorporated to undertake property securitisation involving Quill 6 – a 24-storey purpose-built office building located on Leboh Ampang in Kuala Lumpur. The building is currently occupied by HSBC Bank Malaysia Berhad.


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
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