Ram Ratings Reaffirms AA3 Rating Of Cypark Ref Sdn. Bhd.'s RM550 Million Under The Securities Commission Malaysia's Sustainable And Responsible Investment ("SRI") Sukuk Framework ("SRI Sukuk Murabahah Programme")

Back May 27, 2022
Type Announcement
Subject OTHERS
Description

Cypark Resources Berhad ("CRB" or "the Company") - RAM Ratings reaffirms AA3 Rating of Cypark Ref Sdn. Bhd.'s RM550 million under the Securities Commission Malaysia's Sustainable and Responsible Investment ("SRI") Sukuk Framework ("SRI Sukuk Murabahah Programme")

The Board of Directors of CRB wishes to announce that RAM Rating Services Berhad has reaffirmed the long-term rating of AA3 for Cypark Ref Sdn. Bhd.’s RM550 million SRI Sukuk Murabahah Programme (2019/2041) via its letter dated 26 May 2022.

The AA3 rating indicates high safety for payment of financial obligations. 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 beyond its stressed timeline.

RAM Ratings' rating assessment has also considered the extraordinary resolution notice that was circulated to the sukukholders on 23 May 2022. These changes, including modifications to the transaction terms and payment structure, are not averse to the issue rating.

The reaffirmation of rating at AA3 is expected to provide confidence to sukukholders to support the proposed amendments in the extraordinary resolution favourably.

This announcement is dated 27 May 2022.

Announcement Info

Company Name CYPARK RESOURCES BERHAD
Stock Name CYPARK
Date Announced 27 May 2022
Category General Announcement for PLC
Reference Number GA1-27052022-00006