RAM Reaffirms AA3/Stable Rating of Trinity Asia Ventures’ MYR 52 Million Tranche 1 IMTN  

RAM Ratings (RAM) has reaffirmed the AA3/Stable rating of Trinity Asia Ventures Berhad’s (TAVB or the Issuer) MYR 52 million Tranche 1 Islamic Medium Term Notes (IMTN), under its MYR 1.5 billion Sukuk Musharakah Programme (IMTN Programme). TAVB is a special-purpose funding vehicle of Malaysian property developer, Trinity Group.

Ratings Rationale

The Tranche 1 IMTN is backed by sale and purchase agreements (SPAs) signed with buyers for Trinity Lemanja (the Project), which is a high-rise residential development in Kuala Lumpur. The reaffirmation reflects the full completion of the Project, which took place on the 6th of May 2021, which reduces the exposure of the transaction to construction or liquidity risks due to mismatches in cashflow and ove...