IslamicFinance.de

The Malaysian Rating Corp Bhd (MARC) has affirmed its ‘AAA’ rating on special purpose vehicle Aman Sukuk Bhd’s (Aman) Islamic medium-term notes (IMTN) programme of up to RM10 billion with a stable outlook. MARC said the rating reflects the credit strength of the government as the sole paymaster of the sublease rental payments that are sufficient to meet the principal and profit payments under the IMTN programme.
In the statement the rating agency added the stable outlook reflects its expectations that the sublease rental stream backing the transaction will continue to be supported by timely receipt of payments from the government.
Aman is a wholly owned funding vehicle of Pembinaan BLT Sdn Bhd (PBLT), the developer of 74 projects comprising quarters and facilities for the Polis DiRaja Malaysia. The projects, which are located throughout the country, were developed under a build, lease and transfer (BLT) project model. As at end of August 2016, PBLT has fully completed the construction of the 74 projects with a value of RM7.5 billion, of which 73 projects have been awarded with certificates of completion and compliance (CCC).

Malaysian Rating Corp Bhd classified the sukuk AA+IS.
Datuk Seri Abdul Wahid Omar is the president and CEO of Maybank Group. He states that the sukuk was very welcomed by investors.

Maybank Islamic Bhd issued its maiden Tier 2 Capital Islamic subordinated sukuk of RM1bil.
The subordinated sukuk, which is based on the Islamic principle of musyarakah, was rated AA+IS (outlook stable) by Malaysian Rating Corp Bhd and carried a tenure of 10 years from the issue date on a 10 non-callable five basis. It is lead arranged by Maybank Investment Bank Bhd.