KUALA LUMPUR, May 6 — RAM Rating Services Bhd has reaffirmed the respective AAA/Stable and AA2/Stable ratings of the RM295 million Class A and RM60 million Class B Issue 2 sukuk ijarah issued by a special-purpose vehicle of Al-’Aqar Healthcare Real Estate Investment Trust .
In a statement today, RAM Ratings said the reaffirmation was premised on the expectations that the underlying hospitals secured under Issue 2 , would continue to maintain stable performances, supported by the long-term lease arrangement with the hospital operator KPJ Healthcare Bhd. “Accordingly, the available credit support for the respective AAA and AA2 ratings remained adequate, as reflected in the loan-to-value ratios of 38.2 per cent and 45.9 per cent and stressed finance service coverage ratios of 2.37 times and 2.25 times,” it said.