MARC pointed out BLand has been affected by the impact of the Covid-19 pandemic that resulted in the temporary business closure of its principal gaming subsidiary, Berjaya Sports Toto Bhd (BToto). KUALA LUMPUR: Malaysian Rating Corporation Bhd (MARC) affirmed its ratings on Berjaya Land Bhd’s (BLand) two tranches of debt notes totalling RM650mil with a stable outlook. The rating agency had on Monday affirmed BLand’s RM500mil medium-term notes (MTN) programme guaranteed by Danajamin Nasional Bhd at AAA(fg) and RM150mil MTN programme guaranteed by OCBC Bank (Malaysia) Bhd at AAA(bg). “The affirmed ratings reflect the unconditional and irrevocable guarantees provided by Danajamin and OCBC Malaysia, ” it said in a statement. Danajamin carries a financial insurer rating and counterparty rating of AAA/Stable while OCBC Malaysia has a financial institution rating of AAA/Stable based on public information. BLand’s core businesses are gaming, motors, properties, hotels and recreation. MARC pointed out BLand’s financial performance has continued to be weighed down by high finance costs from sizeable borrowings. BLand continues to rely on proceeds from asset disposals and refinancing to address its long-term financial obligations. “Notwithstanding BLand’s standalone risk factors, noteholders are insulated from BLand’s standalone credit profile by the guarantees provided by Danajamin and OCBC Malaysia. “Any change in the supported ratings or ratings outlook would be primarily driven by changes in the credit strength of the guarantors, ” it said. MARC pointed out BLand has been affected by the impact of the Covid-19 pandemic that resulted in the temporary business closure of its principal gaming subsidiary, Berjaya Sports Toto Bhd (BToto). BLand’s UK-based motor retailing business recorded sluggish car sales. As for the hotels, they had also registered lower occupancy levels following border closures. MARC pointed out the group’s domestic property development is largely limited to Tropika, comprising apartment units, shops, and retail lots with a total gross development value (GDV) of RM852mil. The project, located in the Bukit Jalil vicinity in Kuala Lumpur, achieved a modest take-up rate since its launch in 1Q2019. BLand’s planned launch in the near term is the Bayu Timur high-rise residential project in Shah Alam with an estimated GDV of RM260mil. Its only foreign property projects are in Vietnam with a combined GDV of RM360.6mil and they have been fully sold. For financial year ended June 30,2020, BLand recorded revenue of RM5.2bil and pre-tax profit of RM185.4mil (FY2019: RM7.3bil, RM546.4mil). Its profitability was supported by a one-off gain from the disposal of the trust beneficial interest on the hotel component of the Four Seasons Hotel & Hotel Residences Kyoto, Japan by its 50% associated company. Group borrowings, which largely comprise term loans, rose to RM3.6bil from RM3bil in the previous year. Its liquidity position is supported by cash and bank balances of RM644.2mil as at end-June 2020.
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