RAM Ratings affirms AAA/Stable rating of Eternal Icon's Plaza 33-backed Senior Class ASEAN Green MTNs

RAM Ratings has affirmed the AAA/Stable rating of the Senior Class ASEAN Green Second Medium-Term Notes (MTNs) issued under Eternal Icon Sdn Bhd's (the Issuer) RM400.0 mil MTN Programme. The notes are backed by Plaza 33 (the Property), an integrated office asset in Petaling Jaya.

The affirmation is premised on the transaction's superior collateral cover, as reflected in the loan to value ratio of 35.6% and stressed debt service coverage ratio of 2.97 times, based on RAM's assessed adjusted valuation of RM244.44 mil for Plaza 33. These metrics provide substantial headroom against potential downside risks to the Property's performance without affecting the rating. 

In FY Dec 2025, Plaza 33 generated net property income of RM21.8 mil, broadly in line with RAM's sustainable cash flow assumption of RM22 mil. Occupancy improved to 93% from 84% a year earlier, driven by tenant expansions and new leases. Most leases expiring in 2026 are expected to be renewed with modest rental reversions. Despite a challenging office market and higher operating costs, the Property's performance is anticipated to remain stable, supported by its location and management's proven track record in attracting and retaining tenants. 

Eternal Icon is a special-purpose vehicle established to securitise Plaza 33, a multi-tenanted office asset comprising two 14-floor towers, retail podium space and multi-level car parks.

Analytical contacts
Sean Lim, CFA 
(603) 2708 8253
[email protected]

Lim Chern Yit
(603) 2708 8302
[email protected] 

Media contact
Sakinah Arifin
(603) 2708 8212
[email protected]

Date of release: 31 March 2026

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security's market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The cr