Quill Retail Malls’ MYR 350 Million Sukuk Rating Reaffirmed By RAM; Negative Outlook Maintained

RAM Ratings (RAM) has reaffirmed the respective ratings of Quill Retail Malls (the issuer)’s MYR 350 million Sukuk Murabahah (2017/2024), with a Negative Outlook. The Class A Sukuk Murabahah with an outstanding value of MYR 200 million was reaffirmed at AA1, whilst the Class B Sukuk Murabahah with an outstanding of MYR 60 million was reaffirmed at AA3. The Class C Sukuk Murabahah with an outstanding amount of MYR 20 million was reaffirmed at A2 and the Class D MYR 10 million Sukuk Murabahah was reaffirmed at A3.

Rating Rationale

The Sukuk is secured against Quill City Mall, which is a 780,026 square foot shopping mall situated along Jalan Sultan Ismail in Kuala Lumpur, Malaysia. The Negative Outlook reflects concerns about the property’s a...