MARC has assigned a preliminary rating of AAIS to Fortune Premiere’s proposed RM3bn Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The outlook on the rating is stable. The assigned rating applies only to ringgit-denominated notes issued under the multi-currency Sukuk.
Wholly owned by IOI Properties Group, Fortune Premiere is a special funding vehicle set-up to undertake the proposed Sukuk issuance. The assigned rating reflects the credit strength of IOI Properties which will provide an unconditional and irrevocable corporate guarantee on the proposed Sukuk. The sukuk programme is established as a funding conduit for general purposes; the issuer may initially issue up to RM300m under the programme.