RAM Ratings Reaffirms Ratings of Quill Retail Malls’ MYR 350 Million Sukuk Murabahah; Outlook Negative

RAM Ratings (RAM) has reaffirmed the respective ratings of Quill Retail Malls’ (QRM) MYR 350 million Sukuk Murabahah. In its latest review, RAM has reaffirmed the AA1 rating of Series A, AA3 rating of Series B and A2 rating of Series C and D of QRM’s Sukuk Murabahah program with a negative outlook.

According to the IslamicMarkets Sukuk Monitor, the MYR 350 million Sukuk was issued on the 31st of March 2017 under four different series carrying profit rates between 5.25% and 6.00%, maturing on the 29th of March 2024. Meanwhile, the transaction is secured against Quill City Mall (QCM), a shopping mall owned by QRM, according to RAM.

The negative outlook is backed by concerns...