MARC Affirms MARC-2IS Rating of Titijaya’s MYR 150 Million Islamic Commercial Papers Programme

Malaysian Rating Corporation (MARC) has affirmed its MARC-2IS rating on Titijaya Land’s (Titijaya) MYR 150 million Islamic Commercial Papers Programme, according to a recent statement. As at end-July 2020, the outstanding notes under the programme stood at MYR 70 million.

Titijaya is a Malaysian property developer with several ongoing projects mainly located in the Klang Valley and Sabah, with a combined gross development value of MYR 1.7 billion as at March 2020, according to MARC.

MARC’s rating reflects Titijaya’s track record in developing projects in mature housing areas to limit demand risk, as well as the company’s moderate leverage and liquidity posit...