KUALA LUMPUR: RAM Ratings has upgraded the rating of Midas PLANTATION [] Sdn Bhd's (Midas) Class B Sukuk Ijarah, from AA2 to AA1, with a stable outlook.
In a statement Thursday, June 30, RAM Ratings said the upgrade reflects the improved collateral value backing the Class B Sukuk Ijarah, following the full redemption of Midas' remaining RM10 million Class C Sukuk Ijarah and another RM10 million partial redemption of the Class B Sukuk Ijarah on 27 June 2011.
Consequently, the loan-to-value ratio for the Class B Sukuk Ijarah has eased from 47% to 39%, with a stronger corresponding debt service coverage ratio of 2.63 times (from the previous 2.30 times), it said.
On 22 June 2011, RAM Ratings reaffirmed the AAA rating of Midas' Class A Sukuk Ijarah and also the P1(s)/AAA(s) ratings of its Sukuk Ijarah Commercial Paper/Medium-Term Notes Programme.
Both the long-term ratings have a stable outlook.
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In a statement Thursday, June 30, RAM Ratings said the upgrade reflects the improved collateral value backing the Class B Sukuk Ijarah, following the full redemption of Midas' remaining RM10 million Class C Sukuk Ijarah and another RM10 million partial redemption of the Class B Sukuk Ijarah on 27 June 2011.
Consequently, the loan-to-value ratio for the Class B Sukuk Ijarah has eased from 47% to 39%, with a stronger corresponding debt service coverage ratio of 2.63 times (from the previous 2.30 times), it said.
On 22 June 2011, RAM Ratings reaffirmed the AAA rating of Midas' Class A Sukuk Ijarah and also the P1(s)/AAA(s) ratings of its Sukuk Ijarah Commercial Paper/Medium-Term Notes Programme.
Both the long-term ratings have a stable outlook.
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