Malaysia’s RAM Ratings has reaffirmed the AA3 rating of SP Setia Bhd’s RM500 million nominal value of two percent redeemable serial bonds with 168 million detachable warrants (2007/2012).
The long-term rating has a stable outlook, says the rating agency.
The outstanding amount of the bonds stood at RM250 million presently.
The rating reflects S P Setia’s strong business profile as a prominent property developer in Malaysia. S P Setia boasts strong diversification in terms of product range and geographical presence.
The group has a proven ability to offer a wide array of properties with different price tags to cater to different segments of the market, with most of its offerings achieving full take-ups within 1-2 years.
“SP Setia’s strong branding and product innovation underscore its robust revenue generation capability. We believe these factors, guided by the group’s capable management team will continue to fuel its operating performance,” says Shahina Azura Halip, RAM Ratings’ Head of Real Estate and Construction Ratings.
The group’s record level of unbilled sales of RM2.83 billion as at end-October 2011 should ensure some earnings stability over the next few years.
The long-term rating has a stable outlook, says the rating agency.
The outstanding amount of the bonds stood at RM250 million presently.
The rating reflects S P Setia’s strong business profile as a prominent property developer in Malaysia. S P Setia boasts strong diversification in terms of product range and geographical presence.
The group has a proven ability to offer a wide array of properties with different price tags to cater to different segments of the market, with most of its offerings achieving full take-ups within 1-2 years.
“SP Setia’s strong branding and product innovation underscore its robust revenue generation capability. We believe these factors, guided by the group’s capable management team will continue to fuel its operating performance,” says Shahina Azura Halip, RAM Ratings’ Head of Real Estate and Construction Ratings.
The group’s record level of unbilled sales of RM2.83 billion as at end-October 2011 should ensure some earnings stability over the next few years.
