[RAM] RAM Ratings assigns final AAA rating to KIP REIT Capital's RM240 mil 2024-Issue 4 Class A MTN

RAM Ratings has assigned a final rating of AAA/Stable to KIP REIT Capital Sdn Bhd’s commercial real estate-backed RM240 mil 2024-Issue 4 Class A Medium Term Notes (MTN) under its RM2.0 bil MTN Programme (Perpetual) (the Programme).

 

In assigning the final rating, we have considered the final coupon rate and reviewed all relevant transaction documents. We find these to be in line with our expectations when we assigned the preliminary rating, published on 18 June 2024 (click here). Please refer to the final rating rationale for further details. 

KIP REIT Capital is a funding conduit of KIP Real Estate Investment Trust (KIP REIT or the REIT) to facilitate the REIT’s fundraising exercise under the Programme. The 2024-Issue 4 MTN will be secured against KIPMall Tampoi, KIPMall Masai, KIPMall Bangi and AEON Mall Kinta City. Of the issuance proceeds, RM310 mil will be utilised to redeem the 2019-Issue 1 MTN on its expected maturity date while the remaining RM30 mil will be set aside for working capital purposes.


Analytical contacts
Chu Jia Ying
(603) 3385 2519
jiaying@ram.com.my

Tan Han Nee
(603) 3385 2529
hannee@ram.com.my

Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my