KUALA LUMPUR: Lower occupancy rate at gateway@klia2 mall and retail closures due to the Covid-19 pandemic have weakened Segi Astana Sdn Bhd’s credit profile resulting in Malaysian Rating Corporation (MARC) downgrading the company’s debt notes.
MARC said it lowered its rating on Segi Astana’s RM415mil Asean green medium-term Notes (MTN) facility to A+ from AA-. The rating outlook was maintained at negative.
“The rating benefits from a single notch uplift based on the undertaking from parent WCT Holdings Bhd
(AA-/Stable) to provide liquidity support,” it said.
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