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RAM Ratings affirms ratings of AC First Genesis
Published on 12 Jun 2025.
RAM Ratings has affirmed the ratings of the Class A and Class B First Tranche Sukuk Ijarah (collectively, the Senior Sukuk) issued under AC First Genesis Berhad’s (the Issuer) RM3 bil Sukuk Ijarah Programme (see table). The Senior Sukuk is backed by Aman Central Mall (the Mall), an eight-storey retail mall in Alor Setar, Kedah. The Issuer is a trust-owned special-purpose vehicle incorporated to facilitate the securitisation exercise under the sukuk programme.
The affirmations reflect the improved performance of Aman Central Mall, in line with our annual sustainable cashflow assumption of RM41.0 mil. With the Mall’s adjusted valuation of RM469 mil, the LTV ratios and stressed FSCRs remain supportive of the respective ratings.
In FY Dec 2024, the Mall’s base rental income was higher y-o-y at RM51.94 mil on the back of better occupancy. Coupled with increased promotion income, its revenue and net property income (NPI) (excluding one-off capital expenditure (capex)) grew a respective 5% and 10% y-o-y to RM69.24 mil and RM41.53 mil. The NPI margin was also higher at 60% owing to lower staff and marketing expenses. We anticipate Aman Central Mall’s performance to improve steadily, driven by optimum tenant remixing, new brand entries, positive rental reversion and management’s proactive marketing campaigns.
Subsequent to its third renewal cycle, the Mall’s lease expiry profile is well spread, although a moderate level of concentration is expected in 2027. No major tenant movements are envisaged, aside from negotiations on expiring leases or tenant relocation. Planned capex and asset enhancement initiatives, including periodic inspections and maintenance, are anticipated to preserve the Mall’s quality and operational efficiency, which should help bolster occupancy levels and rental yields going forward.
Analytical contacts
Joel Thum
(603) 2708 8232
joel@ram.com.my
Lim Chern Yit
(603) 2708 8302
chernyit@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
