MARC has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise’s two Islamic Commercial Papers and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2). The outlook on the ratings is stable. The ICP/IMTN-1 and ICP/IMTN-2 each has a programme limit of RM2bn with a sublimit of RM500m on the ICP issuances.
UEM Sunrise’s long-term rating incorporates a one-notch rating uplift for parental support from UEM Group Berhad (UEM Group) based on MARC’s support assessment which considers UEM Sunrise as a strategic subsidiary of its parent. UEM Sunrise is majority-owned by UEM Group, a government-related entity with diversified businesses and a strong financial profile. UEM Sunrise serves as the property arm of its parent. The standalone credit profile of UEM Sunrise reflects its longstanding record as a property developer, its diversified property projects with sizeable unbilled sales and moderate leverage position.