KUALA LUMPUR, March 5 (Bernama) -- Malaysian Rating Corporation Bhd (MARC) has affirmed the ratings of ABS Logistics Bhd's (ALB) Senior Sukuk comprising RM100 million of Class A, RM20 million of Class B and RM40 million of Class C Sukuk at AAAIS, AAIS and AAAIS(bg) respectively.
"The outlook on the ratings is stable," the rating agency said in a statement on Friday.
The affirmed ratings of Class A and Class B Sukuk reflect the maintenance of adequate credit enhancements that are consistent with the respective rating levels and satisfactory performance of the securitised properties that are backing this transaction.
"The rating of the Class C Sukuk is premised on Malayan Banking Bhd, in respect of which MARC maintains a public information rating of AAA/Stable on the bank, as the guarantor of the programme," MARC said.
The RM44.5 million Class D Sukuk or Mezzanine Sukuk and RM95.5 million Class E Sukuk or Subordinated Sukuk are not rated.
ALB Logistics is a bankruptcy remote special purpose vehicle that was incorporated to acquire a pool of 23 industrial properties, which collectively form the securitised properties, from Tiong Nam Logistics Holdings Bhd and its subsidiaries, funded by issuances of the Sukuk.
From the proceeds, ALB paid RM191.5 million for the acquisition and subsequently entered into an Ijarah agreement with Tiong Nam Logistics Solutions, the lessee and a wholly-owned subsidiary of Tiong Nam, to lease the properties for a period of up to ten years
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