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RAM Ratings withdraws ratings of Purple Boulevard’s sukuk after exercise of property sale undertaking
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RAM Ratings has withdrawn the respective ratings of Purple Boulevard Berhad’s (the Issuer) RM250 mil Senior Class A, Class B and Class C Sukuk Ijarah (collectively, the Senior Sukuk) as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Withdrawn |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Withdrawn |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Withdrawn |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Withdrawn |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
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 2020 by RAM Rating Services Berhad
