MARC has affirmed its MARC-1IS/AA-IS ratings on TSH Sukuk Ijarah Sdn Bhd's (TSH Sukuk) RM400 million Sukuk Ijarah Commercial Paper (ICP)/Sukuk Ijarah Medium Term Notes (IMTN) programme and revised the outlook on the ratings to stable from developing. TSH Sukuk is a special purpose funding vehicle created to facilitate the issuance of the notes under the rated programme on behalf of plantation-base...

MARC has affirmed its AAAIS and AA+IS ratings on Tradewinds Plantation Capital Sdn Bhd’s (Tradewinds Capital) asset-backed RM180 million Class A and RM30  million  Class  B Sukuk  Ijarah respectively, with a stable outlook. Wholly-owned by Tradewinds Plantation Berhad (Tradewinds), Tradewinds Capital is a special purpose vehicle established to act as issuer of the notes a...

MARC has removed its ratings of AAAID and AAID on ABS Plantation Assets Berhad’s (ABS Plantation) RM50 million Class A and RM45 million Class B Senior Notes Bai’ Bithaman Ajil Islamic Debt Securities (BaIDs) respectively from MARCWatch Developing,  where they have been placed since August 28, 2009. At the same time, MARC has withdrawn the ratings upon confirmation from the facilit...

MARC has affirmed its AAAIS and AA+IS ratings on Tradewinds Plantation Capital Sdn Bhd’s (Tradewinds Capital) asset-backed RM180 million Class A and RM30  million  Class  B Sukuk  Ijarah respectively, with a stable outlook. The affirmed ratings of the Class A and Class B Sukuk Ijarah reflect the satisfactory performance of the securitised plantation assets and higher-than...

MARC has affirmed the ratings of Kwantas SPV Sdn Bhd’s (Kwantas SPV) RM80 million Class A, RM15 million Class B and RM60 million Class C Sukuk Ijarah at AAAID, AAAID and A+ID respectively, with a stable outlook. At the same time, MARC has downgraded the short-term and long-term ratings of Kwantas SPV’s Murabahah Commercial Papers/Medium Term Notes (CP/MTN) programme to MARC-2ID(cg)/A-I...

MARC maintains its AAAID and AAID ratings on ABS Plantation Assets Berhad’s (ABS Plantation) RM50 million Class A and RM45 million Class B Senior Notes Bai-Bithaman Ajil Islamic Debt Securities (BaIDs) respectively on MARCWatch Developing, where they have been placed since August 28, 2009. This MARCWatch extension, the second, since November 12, 2009, considers the delayed redemption of the ...

MARC has downgraded the rating of DutaLand Berhad’s (DutaLand) outstanding RM50,666,528 Redeemable Unsecured Loan Stocks (RULS) to B from BB-. The outlook on the rating is negative. The rating action reflects DutaLand’s dependence on asset sales to meet its upcoming debt maturities and the significant near-term pressure on its profitability and cash flow. Against the background of the ...

MARC has affirmed its MARC-1IS /AA-IS ratings on TSH Sukuk Ijarah Sdn Bhd’s (TSH Sukuk) issue of up to RM100 million Sukuk Ijarah Commercial Papers (ICP) and up to RM300 million Sukuk Ijarah Medium Term Notes (IMTN) programmes. Concurrently, it has revised the ratings outlook to developing from stable. TSH Sukuk, a wholly-owned subsidiary of TSH Resources Berhad (“TSH” or “...

MARC has affirmed the ratings of Dura Palms Sdn Bhd’s (Dura Palms) RM100 million Series A, RM90 million Series B and RM10 million Series C Sukuk Ijarah at AAAIS, AAIS and AIS respectively. The ratings carry a stable outlook. The affirmed ratings of the Series A and Series B Sukuk reflect the strong performance of the securitised estates, augmented by strong fresh fruit bunches (FFBs) prices ...

MARC has withdrawn its AA-ID rating on IJM Plantations Bhd’s RM150 million ABBA bonds with immediate effect following the full and final redemption of the outstanding RM35 million ABBA bonds, as confirmed by its trustee, HSBC Trustee (Malaysia) Bhd.Contacts: Lee Mei Lin 03-2090 2259/ meilin@marc.com.my; Ryan Lee Ju Vern, 03-2090 2230/ juvern@marc.com.my ...