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Friday November 19, 2010

MARC affirms ratings on ABS sukuk

KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has affirmed the ratings of ABS Logistics Bhd's senior sukuk comprising RM100mil of class A, RM20mil of class B and RM40mil of class C at AAAIS, AAIS and AAAIS (bg) respectively with stable outlook.

In a statement yesterday, MARC said the affirmed ratings of the class A and class B asset-backed sukuk were premised on the continued satisfactory performance of the industrial warehouses backing the sukuk during the review period of April 2009 to March 2010.

MARC said the ratings were also further supported by the protective structural features of the transaction and relatively low loan-to-values for each of class A and class B sukuk, with respect to the quality of the collateral.

The stable outlook on the ratings anticipates that actual net operating income generated by the collateral will remain broadly within MARC's expectations, it said.

It said the rating of the class C sukuk was based on the unconditional and irrevocable guarantee from Malayan Banking Bhd, on which it maintained a public information financial institution rating of AAA/stable. - Bernama

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