AA3/stable rating for GFM’s RM165mil sukuk
RAM Rating said GFM, which acquired the entire stake in KP Mukah on Nov 27, 2018, is a leading local provider of integrated facilities management and consultancy services, with an 18-year track record.
KUALA LUMPUR: GFM Services Bhd’s proposed RM165mil sukuk tranche, to be issued by wholly-owned funding vehicle Dynasty Harmony Sdn Bhd (DHSB), has received a preliminary AA3/stable rating from RAM Rating Services Bhd.
The 10 to 14½-year sukuk is part of a RM300mil Islamic medium-term note programme.
In a statement, the rating agency said the rating reflected DHSB’s strong debt coverage, underpinned by the stable and predictable residual concession cashflow of KP Mukah Development Sdn Bhd.
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