Fortune Premiere’s MYR 3 Billion Sukuk Murabaha Receives AAIS Rating Affirmation from MARC

Malaysian Rating Corporation (MARC) has affirmed its AAIS rating with a Stable outlook on the MYR 3 billion multi-currency Sukuk Murabaha of Fortune Premiere (FP), IOI Properties Group’s (IOI) funding vehicle.

The rating mainly comes on the back of IOI’s credit strength. Key factors contributing to IOIs credit-worthiness include its established brand name, strong track record in property development, and robust operating margins that provide a cushion against weaker sales performance.

Downside risks to this rating include a prolonged downturn in the property sector, which could negatively impact IOI’s inventory levels and IOI’s leverage which stands at 0.58x,...