Sunway bondholders approve switch to RAM for sukuk ratings
The group has notified MARC that its services will end after obtaining the required bondholder approvals.
Sunway Bhd has obtained bondholder consent to change the agency rating its sukuk programme, replacing Malaysian Rating Corp Bhd (MARC) with RAM Rating Services Bhd.
In its Oct 28 bourse filing, Sunway said the required approvals covered commercial papers programmes and medium-term notes programmes involving both the group and its subsidiaries. It subsequently sent MARC notices on Oct 28 terminating the agency’s services.
The company had named RAM as its replacement rating agency on Aug 28 without giving a reason for the switch. RAM subsequently gave Sunway a corporate rating of AA1/Stable/P1 on Sept 8.
Sunway shares ended trading on Oct 28 at RM4.35, gaining six sen or 1.4%. The closing price put the conglomerate’s market value at RM29.6 billion.
