MARC Assigns Final Rating of Tropicana’s Sukuk Wakalah at A+is with Stable Outlook

Malaysian Rating Corporation (MARC) has assigned a final rating of A+is to Malaysia’s Tropicana Corporation’s (TC) proposed MYR 1.5 billion Islamic Medium-Term Notes via a Sukuk Wakalah programme. Proceeds from the proposed Sukuk will mainly be used to refinance TC’s existing borrowings and to partially meet working capital requirements.

MARC had previously assigned a preliminary rating of A+is to TC which has now been finalized. The ratings were finalized based on TC’s established market position in property development, stable and recurring income from property investments, moderate leverage position and low inventory level.

MARC noted that the rating was mode...