PETALING JAYA: RAM Ratings has assigned Country Garden Real Estate Sdn Bhd’s (CGRE) RM1.5bil proposed sukuk issuance a preliminary rating of AA3(s)/Stable, reflecting corporate guarantees by parent company Country Garden Holdings Co Ltd, among others.
The rating agency said the issue rating reflected the unconditional and irrevocable corporate guarantees extended by Country Garden, Bright Start Group Ltd and Top Favour Holdings Ltd, on a joint and several basis.
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