MARC Ratings revises Tropicana’s ratings outlook to negative

KUALA LUMPUR: MARC Ratings has revised the ratings outlook to negative from stable on its A+IS and AIS ratings on Tropicana Corp Bhd’s RM1.5bil Islamic medium-term notes programme (Sukuk Wakalah) and RM2bil perpetual sukuk programme.

“The outlook revision highlights the rating agency’s increasing concern over the rise in group borrowing level which stood at RM4.5bil (including the outstanding perpetual sukuk) as at end-September 2021, from RM2.8bil when the initial rating was assigned in April 2020,” MARC said in a statement.