MARC Assigns Sime Darby Property’s MYR 4.5 Billion Sukuk Musharakah Programme AA+is Rating; Stable Outlook

October 29, 2020

Malaysian Rating Corporation (MARC) has assigned a preliminary rating of AA+is to Sime Darby Property’s (SD Property) Islamic Medium-Term Notes up to MYR 4.5 billion under its Sukuk Musharakah programme, with a Stable Outlook.

A leading Malaysian property developer, SD Property has over 47 years of experience with developing residential townships and communities. The Sukuk Musharakah programme, which has a 30-year tenure ending in 2039, had been novated from Sime Darby to SD Property as part of a restructuring exercise in 2017. According to MARC, proceeds from the initial issuances amounting up to MYR 800 million of the rated programme will mostly be used to refinance Sime Darby’s borrowings.