PETALING JAYA: MARC Scores Bhd has affirmed its AAIS score on SP Setia Bhd’s RM3bil Islamic medium-term notes (IMTN) program with a secure outlook.
The credit standing company famous that the preliminary proceeds of RM800mil from the issuance had been largely utilized by the property improvement firm to fund capital injections into its joint-venture (JV) Battersea Energy Station venture in the UK.
The Battersea venture stays SP Setia’s main abroad enterprise with a 40% stake within the JV improvement with Sime Darby Property Bhd (40%) and the Workers Provident Fund (EPF) (20%).
“SP Setia’s well-established place as a township developer, good gross sales observe report and sizeable land financial institution in strategic city and suburban areas stay key score drivers,” MARC Scores defined in an announcement.
“Gross improvement worth (GDV) of SP Setia’s ongoing home tasks stood at a robust RM9bil as at end-December 2021, with unbilled gross sales of RM4bil,” it added.
MARC Scores identified that SP Setia’s money steadiness of RM3.1bil, coupled with sizeable unbilled gross sales, would assist its monetary and contractual obligations.
Of the RM3.2bil maturing loans, about RM1.2bil will likely be refinanced via proceeds from additional issuance underneath the IMTN programme, it stated.