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Saturday, May 25, 2024

Launch Partners

Agroto Business maintains ‘AA1(bg)/Stable’ rating on RM200 million (US$44.89 million) SRI Sukuk tranche

MALAYSIA: RAM has reaffirmed the ‘AA1(bg)/Stable’ rating on the RM200 million (US$44.89 million) five-year tranche under Agroto Business’s ASEAN Sustainability SRI Sukuk program of up to RM300 million (US$67.34 million). The rating agency said in a statement that the rating reflects an irrevocable and unconditional guarantee extended by Sabah Development Bank (rated ‘AA1/Stable/P1’) which enhances the credit standing of the five-year tranche beyond Agroto’s stand-alone credit strength. Agroto is a vegetable grower in Malaysia, with 110 acres of planted area in Kinta Highlands, Perak.

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