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MARC Ratings has revised its outlook on Tropicana Corporation Berhad’s rated programmes to stable from negative. Concurrently, the ratings on the programmes, the RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk, have been affirmed at AIS and A-IS.The outlook revision considers the improved credit profile of Tropicana, driven by its ongoing delevera...
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MARC Ratings has downgraded its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk programme to AIS and A-IS from A+IS and AIS. The outstanding under the Sukuk Wakalah and Perpetual Sukuk programme currently stands at RM1.5 billion and RM648.0 million. The ratings outlook remains negative. The ...
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MARC Ratings has affirmed its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) and RM2.0 billion existing Perpetual Sukuk programme at A+IS and AIS. The ratings outlook remains negative pending completion of the group’s ongoing plans of asset disposals and equity raising, expected to be completed by end-2022, to strengthen its bal...
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MARC Ratings has revised the ratings outlook to negative from stable on its A+IS and AIS ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk).The outlook revision highlights the rating agency’s increasing concern over the rise in group borrowing level which stood at RM4.5 billio...
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MARC has assigned a rating of AIS to Tropicana Corporation Berhad’s (Tropicana) RM2.0 billion existing Perpetual Sukuk programme with a stable outlook. The Perpetual Sukuk is rated one notch lower than Tropicana’s corporate credit rating of A+/stable to reflect its features and is in line with MARC’s methodology on subordinated instruments. No equity credit has been given to the Perpetual Su...
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MARC has affirmed its A+IS rating on Tropicana Corporation Berhad’s (Tropicana) RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a stable outlook. Tropicana’s established position in the domestic property industry and its moderate financial risks remain key rating drivers. The tough property market conditions have continued to weigh on the group’s sales performance...
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MARC has assigned a final rating of A+IS to Tropicana Corporation Berhad’s (Tropicana) proposed RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a stable outlook. Upon review of the final documentation for the programme, MARC is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the earlier preliminary rat...
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MARC has assigned a preliminary rating of A+IS to Tropicana Corporation Berhad’s (Tropicana) proposed RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a stable outlook. The assigned rating reflects Tropicana’s established market position in property development, steady performance and moderate leverage position. These strengths are supported by stable, albeit modest,...
This article has been viewed 772 times.