RAM Ratings has affirmed the AAA/Stable rating of KLCCP Property Holding Berhad's (KLCCP or the Company) RM5.0 bil Perpetual Islamic Medium Term Notes Programme premised on KLCCP's diversified portfolio of superior asset quality, which has demonstrated growth across all asset segments while financial metrics remain robust.

The rating also considers KLCCP's very strong relationship with its ultimate parent, Petroliam Nasional Berhad (PETRONAS) - the national oil company. PETRONAS holds a 66.94% effective stake in KLCCP Stapled Group (the Stapled Group or the Group), which KLCCP is a part of. The Company, via its parent KLCC (Holdings) Sdn Bhd, plays a key role in supporting PETRONAS's long-term asset ownership and recurring cashflow strategy. For these reasons, KLCCP is highly likely to receive extraordinary support from PETRONAS in the unlikely event of financial distress.  

Together with KLCC Real Estate Investment Trust (KLCC REIT or the REIT), KLCCP forms the largest REIT in Malaysia by property value (RM16.2 bil) and market capitalisation (RM14.7 bil), anchored by iconic landmarks like PETRONAS Twin Towers and Suria KLCC. Assets within KLCCP's portfolio - Suria KLCC Mall, Menara Dayabumi, and Mandarin Oriental Kuala Lumpur Hotel (MOKL) - and its management services accounted for a respective of 71% and 55% of the Stapled Group's revenue and operating profit in FY Dec 2024. With two of the three assets strategically located in the Kuala Lumpur City Centre development, KLCCP holds a bargaining edge in attracting quality tenants, which allows it to maintain occupancy of over 95% and above-average rental rates in the retail market. The Issuer has strong earnings visibility, attributed to Suria KLCC's largely fixed rental structure and the long-tenured triple-net leases for Menara Dayabumi and Menara Maxis. 

KLCCP continues to demonstrate excellent financial flexibility and a strong financial profile, evident from its proven ability to raise funds through th