MARC has affirmed its ratings on special purpose company Inverfin’s RM200m Medium-Term Notes programme comprising RM185m Tranche A notes and RM15m Tranche B notes at AAA and AA respectively. The outlook on the ratings is stable. The current outstanding notes is RM160m under Tranche A while no notes have been issued under Tranche B.
The notes are secured by a first legal charge over Inverfin’s 50-storey Menara Citibank building (with net lettable area (NLA) of 733,218 sq ft) on Jalan Ampang within the Kuala Lumpur city centre. The ratings reflect the adequacy of collateral coverage on the MTN with a loan-to-value (LTV) ratio at 37.3 per cent, assuming a full drawdown of Tranche A notes and 40.3 per cent for the full drawdown of the Tranche A and Tranche B notes.