Published on 21 Dec 2021.
RAM Ratings has received confirmation from the sponsor, Axis Real Estate Investment Trust (Axis-REIT), that its funding conduit - Axis REIT Sukuk Berhad – had sought alternative financing and will not proceed with its proposed RM105 mil Sukuk (refer to table). We have therefore withdrawn the preliminary ratings of the proposed sukuk and no longer have any rating obligation in respect of it.
Proceeds from the proposed Sukuk were intended to be utilised for Axis-REIT’s own purposes, including to repay its existing credit facilities and to pay incidental costs and expenses relating to the proposed Sukuk. We currently maintain rating surveillance for its RM110 mil First Sukuk (see www.ram.com.my for more details).
Liew Kar Ling
(603) 3385 2586
Tan Han Nee
(603) 3385 2529
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Ratings on Axis REIT Sukuk Berhad (Fourth Sukuk)