RAM Reaffirms AAA/Stable Rating of Suria KLCC’s MYR 600 Million IMTN Programme

RAM Rating Services (RAM) has reaffirmed the AAA/Stable rating of Suria KLCC’s MYR 600 million Islamic Medium-term Notes Programme (2014/2044). Suria KLCC owns the Suria KLCC Mall located within the Kuala Lumpur City Centre (KLCC) development.

According to RAM, the reaffirmation of the rating is based on Suria KLCC’s modest financial profile, which provides headroom for a decrease in earnings resulting from the COVID-19 pandemic. This is premised by the company’s low leveraged balance sheet, strong debt protection metrics, as well as the fact that it does not have any maturing debts prior to 2024.

RAM noted that Suria KLCC’s annualised revenue declined 18.8% year-on-year to MYR 292.88 million for the nine months ending December 2020, compared...