RAM Ratings withdraws AAA(fg) rating of Great Realty’s Guaranteed MTN Programme following refinancing exercise

Published on 28 May 2021.

Share Tweet Email

RAM Ratings has withdrawn the AAA(fg)/Stable rating of Great Realty Sdn Bhd’s (Great Realty) RM170 million Guaranteed MTN Programme following confirmation that the facility has been fully redeemed ahead of its maturity date of 28 May 2029. The early redemption was part of a refinancing exercise by way of the issuance of RM785 million of First Tranche Sukuk Ijarah under AC First Genesis Berhad (refer here). As such, RAM no longer has any rating obligation in respect of the programme.

Both transactions involved Aman Central Mall, an eight-storey retail mall in Alor Setar, Kedah. The ultimate sponsor of the transactions, Belleview Sdn Bhd, is a Penang-based developer, privately owned by Dato’ Ho Kiong Chan. Belleview is presently developing the 1.2 mil sq ft GEM Megamall in Prai, Penang, which upon completion in 2022 will be the largest shopping mall in the northern region.


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 2021 by RAM Rating Services Berhad

Ratings on Great Realty Sdn Bhd