RAM Ratings withdraws ratings on Frasers Hospitality Trust-sponsored Notes Series 2024-A

Published on 04 Nov 2026.

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RAM Ratings has received confirmation from Notable Vision Sdn Bhd (NVSB or the Issuer) that it fully redeemed the RM95 mil Class A Senior Medium-Term Notes (MTN) under its RM750 mil Notes Series 2024-A MTN Programme on 30 September 2026, ahead of their expected maturity on 12 July 2029. We have therefore withdrawn the AAA rating of the Class A MTNs.  At NVSB’s request, we have also withdrawn the B₂ and C₃ ratings of the outstanding RM95 mil Class B and RM410.48 mil Class C Junior MTNs, respectively. Following these rating withdrawals, we no longer have any rating obligation in respect of these instruments. The ratings were last published on 20 August 2025 (click here).

The transaction is backed by The Westin Kuala Lumpur, a five-star hotel operated by Marriott International. Frasers Hospitality Trust is the primary subscriber of Junior MTNs under the notes series.

 

Analytical contacts
Darrel Tiang
(603) 2708 8219
darrel@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.

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Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

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