Cypark Resources Berhad has announced that RAM Rating Services Berhad has reaffirmed the long-term rating of AA3 for Cypark Ref Sdn. Bhd.’s RM550 million SRI Sukuk Murabahah Programme (2019/2041).
The AA3 rating indicates high safety for payment of financial obligations with the rating outlook maintained at negative to reflect RAM Ratings’ concerns about extended construction delays for the two floating solar plants at Danau Tok Uban beyond its stressed timeline. The rating agency rating assessment has also considered the extraordinary resolution notice that was circulated to the sukukholders.
These changes, including modifications to the transaction terms and payment structure, are not averse to the issue rating. The reaffirmation of rating at AA3 is expected to provide confidence to sukukholders to support the proposed amendments in the extraordinary resolution favourably.
