[RAM] RAM Ratings assigns final ratings to Paradigm Capital's 2025-Issue 1 MTNs

RAM Ratings has assigned long-term final ratings (see table below) to the RM845 mil 2025-Issue 1 Medium-Term Notes (MTNs) under Paradigm Capital Berhad’s (the Issuer) RM5.0 bil MTN Programme (the Programme).



In assigning the final ratings, we have considered the final terms and reviewed all relevant transaction documents. We find these to be in line with our expectations when the preliminary ratings were assigned and published on 28 April 2025 (click here). Please refer to the final rating rationale for further details.

Paradigm Capital is a funding conduit of Paradigm Real Estate Investment Trust (Paradigm REIT or the REIT) to facilitate the fundraising exercise under the Programme. The 2025-Issue 1 MTNs will be secured against Bukit Tinggi Shopping Centre and Paradigm Mall Petaling Jaya in Selangor and Paradigm Mall Johor Bahru in Johor Bahru (collectively, the Secured Properties). 

Proceeds from the 2025-Issue 1 MTNs will be advanced to Paradigm REIT via a REIT Trustee Financing Agreement, to fund its acquisition of the Secured Properties, upfront transaction expenses and the minimum amount required in the Issuer’s Debt Service Reserve Account. The acquisition of the Secured Properties will form the initial portfolio of the newly established Paradigm REIT, targeted for listing on 10 June 2025.


Analytical contacts
Joel Thum
(603) 2708 8232 
joel@ram.com.my

Tan Han Nee
(603) 2708 8322 
hannee@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my