KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has assigned final ratings of MARC-1IS/AA-IS to UEM Sunrise Bhd
’s (UEM Sunrise) RM2bil sukuk programme.
The rating house said on Thursday that ratings were for the property company’s Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programme, and had a Stable rating outlook.
“MARC has reviewed the final documentation of the issuance, and is satisfied that the terms and conditions of the ICP/IMTN Programme have not changed in any material way from the draft documentation on which the earlier preliminary ratings of MARC-1IS /AA-IS was based,” it said in a statement.
UEM Sunrise proposed to issue the Islamic debt notes in announcement to Bursa Malaysia last month.
The company said the issuance was made under the Shariah principle of Murabahah via a Tawarruq arrangement or sukuk programme.
It said the sukuk programmes would give UEM Sunrise the flexibility to raise funds via the issuance of ICPs and/or IMTNs from time to time.
“The proceeds from the issuance shall be utilised for Shariah-compliant general corporate purposes of the company,” it said.
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