Sunreit borrows mostly from its own parent company, so it's not at risk of default even if the ratio looks bad. Sunway Berhad in turn has been able to borrow very cheaply given how much BNM has reduced interest rate this year. In their most recent CP issuance, they borrowed RM 75 mil at just 2.87%. This structure is more efficient as the parent is able borrow at cheaper rates than its subsidiaries, which is then lent downwards at similar.or slightly higher rates. That way the interest cost of the entire group is minimized.

https://fast.bnm.gov.my/fastweb/public/Publ...reenId=PB050400