Find A Rating 
PRESS RELEASES
RAM Ratings affirms AAA/Stable rating of Eternal Icon’s Plaza 33-backed Senior Class ASEAN Green MTNs
Published on 31 Mar 2026.
RAM Ratings has affirmed the AAA/Stable rating of the Senior Class ASEAN Green Second Medium-Term Notes (MTNs) issued under Eternal Icon Sdn Bhd’s (the Issuer) RM400.0 mil MTN Programme. The notes are backed by Plaza 33 (the Property), an integrated office asset in Petaling Jaya.
The affirmation is premised on the transaction’s superior collateral cover, as reflected in the loan to value ratio of 35.6% and stressed debt service coverage ratio of 2.97 times, based on RAM’s assessed adjusted valuation of RM244.44 mil for Plaza 33. These metrics provide substantial headroom against potential downside risks to the Property’s performance without affecting the rating.
In FY Dec 2025, Plaza 33 generated net property income of RM21.8 mil, broadly in line with RAM’s sustainable cash flow assumption of RM22 mil. Occupancy improved to 93% from 84% a year earlier, driven by tenant expansions and new leases. Most leases expiring in 2026 are expected to be renewed with modest rental reversions. Despite a challenging office market and higher operating costs, the Property’s performance is anticipated to remain stable, supported by its location and management’s proven track record in attracting and retaining tenants.
Eternal Icon is a special-purpose vehicle established to securitise Plaza 33, a multi-tenanted office asset comprising two 14-floor towers, retail podium space and multi-level car parks.
Analytical contacts
Sean Lim, CFA
(603) 2708 8253
sean@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 2026 by RAM Rating Services Berhad
