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RAM Ratings affirms AAA rating of Suria KLCC’s MTN Programme
Published on 04 Dec 2025.
RAM Ratings has affirmed the AAA/Stable rating of Suria KLCC Sdn Bhd’s (Suria KLCC or the Company) RM2.0 billion Islamic Medium-term Notes (MTN) Programme (2014/2044).
Suria KLCC owns and manages the landmark Suria KLCC Mall (the Mall), situated within the Kuala Lumpur City Centre (KLCC) development. The rating affirmation reflects the Mall’s exceptional asset quality and the Company’s conservative financial profile and prudent management.
The assessment also takes into account Suria KLCC’s strong relationship with its immediate parent KLCC Property Holdings Berhad (KLCCP), and its ultimate indirect shareholders – KLCC (Holdings) Sdn Bhd (KLCCH) and Petroliam Nasional Berhad (PETRONAS) group. As a wholly owned subsidiary of KLCCP, Suria KLCC is a significant contributor to KLCCP’s consolidated performance. The Mall is considered an integral part of the KLCC development, and a flagship asset in both KLCCH’s and PETRONAS’ investment property portfolio. Consequently, we believe that Suria KLCC would benefit from a ‘high’ likelihood of extraordinary parental support, in the unlikely event of financial distress, consistent with RAM’s methodology on Group Structure Rating Links.
For the first seven months of FY Dec 2025, the Mall reported improved average rental and occupancy rates of RM37.35 per square foot and maintained a high occupancy rate of 98.8%. Suria KLCC’s operating profit before depreciation, interest and tax margin rose further to 85.6% (FY Dec 2024: RM37.27 psf, 98.8% and 84.2%). These robust results were supported by initiatives to increase retail activity and favourable tourism trends, with annualised footfall reaching 51.1 million in 2025.
As of end-July 2025, approximately 63% of leases (by net lettable area) expiring in 2025 had been renewed, achieving a positive rental reversion of 5%, with remaining negotiations ongoing. Over the past twelve months, the Mall secured more than twelve new tenants, which contributed to an extended weighted average lease expiry of 4.45 years. Renewed leases as at end-July 2025 included step-up provisions and continued to achieve positive rental reversions. Despite a more concentrated lease maturity profile anticipated in 2026, the risk of non-renewal remains minimal, given the Mall’s established market position and prime location.
Analytical contacts
Nur Hadhirah Binti Bahrom
(603) 2708 8207
hadhirah@ram.com.my
Tan Yan Choong
(603) 2708 8256
yanchoong@ram.com.my
Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, in as much 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
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