Ram Ratings Maintains Ratings For Frasers Hospitality Trust’s Sponsored Medium Term Notes Series 2019-A Despite The Temporary Suspension Of The Westin Kuala Lumpur
May 18, 2020 — Frasers Hospitality Asset Management Pte. Ltd., in its capacity as the manager of Frasers Hospitality Real Estate Investment Trust, and Frasers Hospitality Trust Management Pte. Ltd., in its capacity as the trustee-manager of Frasers Hospitality Business Trust, announced that RAM Rating Services Berhad has maintained its ratings for the RM477.48 million Medium Term Notes Series 2019-A issued by Notable Vision Sdn. Bhd. under NVSB’s RM750 million Medium Term Note Programme.
The Notes Series 2019-A were issued in connection with the securitisation of The Westin Kuala Lumpur, one of the assets within the portfolio of Frasers Hospitality Trust, and comprise
(i) RM95 million Class A Senior Medium Term Notes
(ii) RM95 million Class B Junior Medium Term Notes and
(iii) RM287.48 million Class C Junior Medium Term Notes.
As announced on 8 May 2020, The Westin Kuala Lumpur’s operations have been suspended from 1 May 2020 to 30 June 2020 in view of the hotel’s low occupancy level arising from the impact of the Covid-19 outbreak.
Despite that, RAM Ratings has stated that there are no immediate concerns over NVSB’s ability to meet its near-term debt obligations under the Notes Series 2019-A, and has maintained the AAA rating with stable outlook for NVSB’s Class A Senior MTNs.
RAM Ratings has also kept the B2 and C3 ratings, both with stable outlook, for NVSB’s Class B Junior MTNs and Class C Junior MTNs
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