Published on 13 Nov 2020.
RAM Ratings has withdrawn the respective ratings of Purple Boulevard Berhad’s (the Issuer) RM250 mil Senior Class A, Class B and Class C Sukuk Ijarah (collectively, the Senior Sukuk) as well as its Guaranteed Class D Sukuk Ijarah (as tabulated below). Hong Leong Investment Bank Berhad (the Facility Agent) has confirmed that the Issuer has fully redeemed the Senior Sukuk and the Guaranteed Class D Sukuk.
Sukuk Ijarah |
Rating/Outlook |
Rating Action |
Amount of up to |
Expected |
Legal |
---|---|---|---|---|---|
Senior Class A |
AAA/Stable |
Withdrawn |
95 |
11 November 2022 |
10 May 2024 |
Senior Class B |
AA3/Stable |
Withdrawn |
15 |
13 November 2020 |
13 May 2022 |
Senior Class C |
A3/Stable |
Withdrawn |
15 |
13 November 2020 |
13 May 2022 |
Guaranteed Class D |
AAA(fg)/Stable |
Withdrawn |
125 |
11 November 2022* |
10 May 2024 |
*Known as the Class D Mandatory Prepayment Date
The redemption was effected on 13 November, after the Originators - Nadin Holdings Sdn Bhd and Nadin Management Sdn Bhd – had exercised the Property Sale Undertaking. Specifically, the Senior Class A Sukuk and the Guaranteed Class D Sukuk have been redeemed well ahead of their expected maturity date of 11 November 2022. As such, RAM no longer has any rating obligation on the Senior Sukuk and Class D Sukuk Ijarah.
Purple Boulevard is a single-purpose funding vehicle that had been incorporated to undertake property securitisation involving Ampang Point Shopping Centre – a suburban neighbourhood retail mall located on Jalan Ampang in Kuala Lumpur.
Analytical contact
Teoh Tze Yit
(603) 3385 2531
tyteoh@ram.com.my
Media contact
Padthma Subbiah
(603) 3385 2577
padthma@ram.com.my
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