MARC Ratings has affirmed its ratings of AAA, AA and A on Trusmadi Capital Sdn Bhd’s Issue 2 Class A (RM220 million), Class B (RM40.0 million) and Class C (RM40.0 million) Medium-Term Notes (MTN). The ratings outlook is stable. As of 24 June 2026, RM220.0 million of Class A MTN and RM40.0 million of Class B MTN were outstanding.
The ratings affirmation reflects the MTN classes’ loan-to-value (LTV) ratios remaining within MARC Ratings’ benchmarks for their respective rating bands, supported by the expectation that Sentral REIT Management Sdn Bhd (SRM) will provide sufficient funding to ensure continued compliance with the LTV requirements, thereby offering additional credit support.
Platinum Sentral’s stabilised net operating income (NOI) would be exposed to downside risk as the tenancy for the anchor tenant is due for expiry in about 12 months. There may be a breach in meeting the LTV requirements if the anchor tenant renews on lower rental terms or rates, reduces its leased net lettable area, or vacates the premises. Platinum Sentral’s occupancy stood at 94% as at end-December 2025.
Under MARC Ratings’ base case, the potential departure of the anchor tenant may result in an initial decline in occupancy, followed by gradual recovery as replacement tenants are secured. However, rental rates are assumed to be below that of the anchor tenant’s current lease, leading to a lower stabilised NOI of RM38.7 million (current: RM39.5 million). At this level, LTV ratios for the outstanding issuances would exceed MARC Ratings’ thresholds, at 43.8% for the Class A MTN and 51.7% for the Class B MTN against limits of 43% and 51%, respectively. To ensure compliance with the required thresholds, SRM has committed to provide cash support, subject to MTN holders’ approval. The quantum of support will be determined once there is clearer visibility on the building’s future lease profile.
Platinum Sentral’s operating performance remained stable in 2025, supported by an unchanged tenant profile. Performance is expected to remain steady in 2026; however, rental income may face downside risks in 2027–2028 if the anchor tenant exits or renews on less favourable terms. As the 2025 average rental rate for the building currently exceeds the prevailing Grade A office range of RM6.40–RM7.50 psf in the vicinity, rental upside appears limited. Consequently, rental rates may moderate upon lease renewals unless supported by refurbishment or asset enhancement initiatives to improve the building’s competitiveness.