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RAM Ratings assigns final ratings to Paradigm Capital
Published on 09 Jun 2025.
RAM Ratings has assigned long-term final ratings (see table below) to the RM845 mil 2025-Issue 1 Medium-Term Notes (MTNs) under Paradigm Capital Berhad’s (the Issuer) RM5.0 bil MTN Programme (the Programme).
In assigning the final ratings, we have considered the final terms and reviewed all relevant transaction documents. We find these to be in line with our expectations when the preliminary ratings were assigned and published on 28 April 2025 (click here). Please refer to the final rating rationale for further details.
Paradigm Capital is a funding conduit of Paradigm Real Estate Investment Trust (Paradigm REIT or the REIT) to facilitate the fundraising exercise under the Programme. The 2025-Issue 1 MTNs will be secured against Bukit Tinggi Shopping Centre and Paradigm Mall Petaling Jaya in Selangor and Paradigm Mall Johor Bahru in Johor Bahru (collectively, the Secured Properties).
Proceeds from the 2025-Issue 1 MTNs will be advanced to Paradigm REIT via a REIT Trustee Financing Agreement, to fund its acquisition of the Secured Properties, upfront transaction expenses and the minimum amount required in the Issuer’s Debt Service Reserve Account. The acquisition of the Secured Properties will form the initial portfolio of the newly established Paradigm REIT, targeted for listing on 10 June 2025.
Analytical contacts
Joel Thum
(603) 2708 8232
joel@ram.com.my
Tan Han Nee
(603) 2708 8322
hannee@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@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 2025 by RAM Rating Services Berhad
