MARC assigns ratings on UEM Land

KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has assigned preliminary ratings of MARC-1IS/AA-IS with a stable outlook on UEM Land Holdings Bhd’s proposed Islamic commercial paper (ICP) and Islamic medium term notes programmes.

In a statement yesterday, MARC said the programmes have a combined nominal value of RM2 billion and a sub-limit on the ICP programme of RM500 million in nominal value.

The rating agency said the stable rating outlook reflects its expectations that UEM Land will be able to sustain its near-term operating performance.

UEM Land’s standalone credit profile incorporates its strong competitive position as the master developer of Nusajaya, an important component in Iskandar Malaysia in Johor. — Bernama