Skip to content
  • Group
    • About MARC
    • Leadership
    • Investor Relations
    • Notable Issuances
    • MARC Ratings
    • MARC Solutions
    • MARC Data
    • MARC Learning
    • Careers
  • Services
    • Credit Ratings & Related Assessments
    • Sustainability-Related Assessments
    • Economic & Fixed-Income Analysis
    • Sustainability-Related Advisory
    • Debt Advisory
    • Analytics Consulting Services
    • Subscriptions
    • Data Analytics
    • Credit Reporting
    • Learning Programmes
  • Insights
    • Rating Announcements
    • Research & Analysis
    • Views
    • MARC in the Media
    • Newsfeed
    • Latest@MARC
  • Events & CSR
    • MARCares
    • Events
  • Contact Us
    • Contact Us
    • Service Level Feedback Form
    • Publication Feedback Form
    • Whistleblowing
  • Group
    • About MARC
    • Leadership
    • Investor Relations
    • Notable Issuances
    • MARC Ratings
    • MARC Solutions
    • MARC Data
    • MARC Learning
    • Careers
  • Services
    • Credit Ratings & Related Assessments
    • Sustainability-Related Assessments
    • Economic & Fixed-Income Analysis
    • Sustainability-Related Advisory
    • Debt Advisory
    • Analytics Consulting Services
    • Subscriptions
    • Data Analytics
    • Credit Reporting
    • Learning Programmes
  • Insights
    • Rating Announcements
    • Research & Analysis
    • Views
    • MARC in the Media
    • Newsfeed
    • Latest@MARC
  • Events & CSR
    • MARCares
    • Events
  • Contact Us
    • Contact Us
    • Service Level Feedback Form
    • Publication Feedback Form
    • Whistleblowing
  • MARC Online
  • Subscribe
  • Group

    Group

    The MARC Group of Companies comprises MARC Ratings, MARC Solutions, MARC Data and MARC Learning.

    • About MARC
    • Leadership
    • Investor Relations
    • Notable Issuances
    • About MARC
    • Leadership
    • Investor Relations
    • Notable Issuances
    • MARC Ratings
    • MARC Solutions
    • MARC Data
    • MARC Learning
    • MARC Ratings
    • MARC Solutions
    • MARC Data
    • MARC Learning

    MARC Ratings

    • Rating Guide
    • Rating Process
    • Rating Symbols & Definitions
    • Rating Methodologies
    • Regulatory
    • Lead Managers

    MARC Solutions

    MARC Data

    MARC Learning

    • Careers
    • Careers
  • Services

    Services

    MARC's subsidiaries each provide distinct product offerings and services.

    • Credit Ratings & Related Assessments
    • Sustainability-Related Assessments
    • Economic & Fixed-Income Analysis
    • Credit Ratings & Related Assessments
    • Sustainability-Related Assessments
    • Economic & Fixed-Income Analysis
    • Analytics Consulting Services
    • Analytics Consulting Services
    • Subscriptions
    • Data Analytics
    • Credit Reporting
    • Learning Programmes
    • Subscriptions
    • Data Analytics
    • Credit Reporting
    • Learning Programmes
  • Insights

    Insights

    Find the vital information you need and stay up to date with the latest news from MARC.

    • Rating Announcements
    • Research & Analysis
    • Views
    • Rating Announcements
    • Research & Analysis
    • Views
    • MARC in the Media
    • Latest@MARC
    • MARC in the Media
    • Latest@MARC
  • Events & CSR

    Events & CSR

    MARC organises a diverse range of events throughout the year to engage with all stakeholders.

    • MARCares
    • Events
    • MARCares
    • Events
  • Contact Us

    Contact Us

    Let's get the conversation started - Get in touch with us!

    • Contact Us
    • Service Level Feedback Form
    • Publication Feedback Form
    • Whistleblowing
    • Contact Us
    • Service Level Feedback Form
    • Publication Feedback Form
    • Whistleblowing
  • ···
    • Group
    • Services
    • Insights
    • Events & CSR
    • Contact Us
MARC Online
Subscribe
Menu
  • Group
  • Services
  • Insights
  • Events & CSR
  • Contact Us
  • Group
  • Services
  • Insights
  • Events & CSR
  • Contact Us
Credit Ratings & Related Assessments
Economic & Fixed-Income Analysis
Sustainability Related
Analytics Consulting Services
Data Analytics
Credit Reporting
Learning Programme

Data Analytics

Credit Reporting

Learning Programme

Credit Ratings & Related Assessments

Economic & Fixed-Income Analysis

Sustainability Related

Debt Advisory

Analytics Consulting Services

Data Analytics

Credit Reporting

Learning Programme

Credit Ratings & Related Assessments

Economic & Fixed-Income Analysis

Sustainability Related

  • Insights
  • Rating Announcements
Rating

MARC affirms AAA rating on Inverfin’s outstanding notes and revises outlook to stable

15 April 2020

Access the full report here.

View Reports

Contacts

Lim Wooi Loon, +603-2717 2943/ wooiloon@marc.com.my

Posted Date: April 15, 2020

MARC has affirmed its rating of AAA on Inverfin Sdn Bhd’s outstanding RM160 million Tranche A notes under its RM200 million Medium-Term Notes (MTN) programme. The rating outlook has been revised to stable from negative.

The outlook revision reflects the significant improvement in occupancy level of the collateral property, Menara Citibank, which has eased pressure on rental income. At end-2019, the occupancy level at the Grade A office building rose to 86.0% from 73.2% in the previous year. The improvement came about after Citigroup Transaction Services (M) Sdn Bhd (CTSM) tenanted about 18.8% of the net lettable area (NLA) of 733,038 sq ft of Menara Citibank. The tenancy commenced in 4Q2019. As a result, the net operating income (NOI) is forecast to increase 12.1% y-o-y to RM32.4 million in 2020. MARC also understands that Inverfin is waiving the rental for the retail and food court tenants during the period of the movement control order. As these tenants account for about 2% of rental income, the impact on the overall NOI is minimal.

The rating affirmation reflects the Tranche A notes’ loan-to-value (LTV) ratio of 41.9% that remains within the LTV benchmarks that MARC applies for the AAA rating band. The rating agency has valued Menara Citibank at RM381.9 million. The maximum limit of the Tranche A notes is RM160 million.

Citibank Berhad and its related company CTSM occupy a combined 52.1% of the NLA; the average rental rate was RM6.00 psf in 2019. MARC views that the high tenant concentration risk is mitigated by Citibank’s longstanding tenancy track record and part ownership of the building. As at December 31, 2019, the security coverage ratio and finance service coverage ratio remained strong at 4.34x and 5.54x.

Contact:
Lim Wooi Loon, +603-2717 2943/ wooiloon@marc.com.my

List related news | List related issues | List related reports

Related Report

Read More

Related Issues

Read More

Related News

Read More

You May Also Like To Read

See All
Ratings

MARC Ratings affirms AA-IS rating on QSP Semenanjung’s Sukuk

7 May 2025

Ratings

MARC Ratings affirms PLSUKE’s ratings with stable outlook

5 May 2025

Ratings

MARC Ratings assigns preliminary ratings to S P Setia’s proposed sukuk programmes

29 April 2025

See All

Let’s get started.

Subscribe to our mailing list today.

Subscribe Now
Group
  • About MARC
  • Leadership
  • Investor Relations
  • Notable Issuances
  • Careers
Regulatory
  • Rating Reviews Summary
  • List of Defaults
  • List of Credit Ratings Published
  • List of Entities on Rating Watch
Services
  • Credit Ratings & Related Assessments
  • Sustainability-Related Assessments
  • Economic & Fixed-Income Analysis
  • Sustainability-Related Advisory
  • Subscriptions
  • Analytics Consulting Services
  • Data Analytics
  • Credit Reporting
  • Learning & Customised Programmes
Subsidiaries
  • MARC Ratings
  • MARC Learning
  • MARC Data
  • MARC Solutions
Insights
  • Rating Announcements
  • Research & Analysis
  • Views
  • Latest@MARC
  • MARC in the Media
Events
  • Corporate Events
  • Corporate Social Responsibility (CSR)
  • Advertise with MARC
Contact Us
  • Contact Us
  • Service Level Feedback Form
  • Publication Feedback Form
  • Whistleblowing
  • Group
    • About MARC
    • Leadership
    • Investor Relations
    • Notable Issuances
    • MARC Ratings
    • MARC Solutions
    • MARC Data
    • MARC Learning
    • Careers
  • Services
    • Credit Ratings & Related Assessments
    • Sustainability-Related Assessments
    • Economic & Fixed-Income Analysis
    • Sustainability-Related Advisory
    • Debt Advisory
    • Analytics Consulting Services
    • Subscriptions
    • Data Analytics
    • Credit Reporting
    • Learning Programmes
  • Insights
    • Rating Announcements
    • Research & Analysis
    • Views
    • MARC in the Media
    • Newsfeed
    • Latest@MARC
  • Events & CSR
    • MARCares
    • Events
  • Contact Us
    • Contact Us
    • Service Level Feedback Form
    • Publication Feedback Form
    • Whistleblowing
Terms & Conditions
Privacy Notice
Copyright Notice
Whistleblowing
PDPA Notice
© 2023 Malaysian Rating Corporation Berhad. All rights reserved.
Facebook Twitter Linkedin