In 1H2021, Segi Astana collected a modest RM17.6mil (1H2020: RM38.9mil) from retail operation and car park with the decline reflecting the significant fall in car park collection.aws账号（www.2km.me）提供aws账号、aws全区号、aws32v账号、亚马逊云账号出售，提供api ，质量稳定，数量持续。另有售azure oracle linode等账号.
KUALA LUMPUR: Lower occupancy rate at gateway@klia2 mall and retail closures due to the Covid-19 pandemic have weakened Segi Astana Sdn Bhd’s credit profile resulting in Malaysian Rating Corporation (MARC) downgrading the company’s debt notes.
MARC said it lowered its rating on Segi Astana’s RM415mil Asean green medium-term Notes (MTN) facility to A+ from AA-. The rating outlook was maintained at negative.
“The rating benefits from a single notch uplift based on the undertaking from parent WCT Holdings Bhd (AA-/Stable) to provide liquidity support,” it said.
Segi Astana’s weakened credit profile reflects the impact of a lower occupancy rate at gateway@klia2 mall and retail closures due to pandemic-induced shutdowns.
The gateway@klia2 mall continued to record a declining occupancy rate to 68.8% at end-June 2021 from 83.3% at end-2020.
Collections from car park operations, which formed a sizeable portion of its total revenue, have also been severely impacted by the closures.
“The negative outlook incorporates the impact on the company’s cash flow and the uncertain pace of recovery of air travel to support passenger footfall growth in the near term,” it said.
MARC said Segi Astana’s weakened performance is mitigated by its moderate liquidity position that is sufficient to meet its near-term financial obligations.
“Cash balance stood at RM41.30mil at end-June 2021 and has been earmarked for Segi Astana’s next interest and notes maturity of RM39mil in January 2022.
“We also note the support from parent WCT Holdings through an issuance of redeemable preference shares (RPS) of RM50mil have shored up Segi Astana’s liquidity position,” it said.
MARC said it understands the occupancy rate decline at gateway@klia2 mall has bottomed out given the renewed interest in retail space as air travel volume improves and concerns on the pandemic ease.
“We view the gradual reopening of the economy and relaxation of travel restrictions could improve occupancy rate at the mall; the company expects the occupancy rate to reach about 80% by end-2022,” it said.
In 1H2021, Segi Astana collected a modest RM17.6mil (1H2020: RM38.9mil) from retail operation and car park with the decline reflecting the significant fall in car park collection.
“In our sensitised cash flow projections, assuming a modest recovery in occupancy level and car park usage (on improved passenger travel) in 2H2022, the company would be able to meet its financial obligations although it would breach its 1.25 times debt service coverage ratio requirement in the absence of liquidity support from its parent.