RAM RATINGS REAFFIRMS CYPARK REF'S RM550 MLN SUKUK MURABAHAH
KUALA LUMPUR, May 27 (Bernama) -- RAM Rating Services Bhd has reaffirmed the long-term rating of AA3 for Cypark Ref Sdn Bhd’s RM550 million SRI Sukuk Murabahah Programme (2019/2041) on May 26, 2022.
In a Bursa Malaysia filing, Cypark Resources Bhd (CRB) said the AA3 rating indicates “high safety for payment of financial obligations.”
"However, the rating outlook is maintained at negative to reflect RAM Ratings’ concerns of extended construction delays for the two floating solar plants at Danau Tok Uban, Kelantan, beyond its stressed timeline,” the developer and provider of renewable energy solutions said.
CRB added that rating assessment took into consideration the extraordinary resolution notice circulated to the sukuk holders on May 23, 2022 involving certain changes and modications with regards the project.
"These changes, including modifications to the transaction terms and payment structure, are not averse to the issue rating," it said.
CRB said the reaffirmed AA3 rating is, therefore, expected to provide “confidence to sukuk holders to support the proposed amendments in the extraordinary resolution favourably,” the filing said.
-- BERNAMA
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