KUALA LUMPUR, Nov 13 — The long and short-term ratings of Rantau Abang Capital Bhd’s RM3 billion Islamic Commercial Papers/Medium-Term Notes Programme has been reaffirmed by RAM Ratings at AAA and P1 respectively.
At the same time, the AAA rating of the company’s RM7 billion Islamic Medium-Term Notes Programme has also been reaffirmed, the rating agency said in a statement today.
Both long-term ratings of the debt instruments,also known as "the Sukuk Musharakah", have a stable outlook.
Under the transaction, a Musharakah partnership had been established between Khazanah Nasional Bhd and Rantau Abang.
The Sukuk Musharakah capital returns and periodic profit payments stem from an investment portfolio consisting of Shariah-approved shares and assets owned by Khazanah, it said.
Ram Ratings also said that in this respect, the ratings of the Sukuk Musharakah ultimately reflect the credit strength of Khazanah in its capacity as the Purchase Undertaking Obligor whereby Khazanah will also purchase the specific portfolio units from Rantau Abang at a pre-agreed price upon maturity. — Bernama
