RAM Ratings upgrades rating of Tranche 2 of Tropicana’s CP/MTN from AA3(bg) to AA2(bg)

Published on 03 December 2013

RAM Ratings has upgraded the long-term rating of Tranche 2 of Tropicana Corporation Berhad’s (formerly Dijaya Corporation Berhad) CP/MTN of up to RM500.0 million (2012/2019) from AA3(bg) to AA2(bg). Concurrently, the outlook on the rating has been revised from positive to stable. This rating action follows RAM’s recent upgrade of the financial institution ratings of AmBank (M) Berhad (AmBank), the guarantor of Tranche 2, from AA3/Positive/P1 to AA2/Stable/P1. The long- and short-term ratings of Tranche 1 of the CP/MTN as well as the short-term rating of Tranche 2 remain unchanged.

Instrument	Long-term rating	Short-term rating	Rating outlook
The CP/MTN comprises:
i)   Tranche 1 – Up to RM300.0 million guaranteed  by RHB Bank Berhad	AA2(bg)	P1(bg)	Stable
ii)  Tranche 2 – Up to RM200.0 million guaranteed  by AmBank (M) Berhad	AA2(bg)	P1(bg)	Stable

The enhanced ratings of Tranches 1 and 2 reflect unconditional and irrevocable guarantees extended by RHB Bank Berhad and AmBank, respectively.

Media contact
Karin Koh
(603) 7628 1174
karin@ram.com.my