MARC has assigned a rating of AAAIS(fg) to TSH Sukuk Musyarakah Sdn Bhd’s (TSH Sukuk-M) RM100.0 million Islamic Medium Term Notes (IMTN) Programme. The rating carries a stable outlook. The assigned rating and outlook are underpinned by an unconditional and irrevocable Kafalah Guarantee provided by Danajamin Nasional Berhad (Danajamin) in relation to the IMTN Programme. MARC currently rates D...

MARC has affirmed its AAAID rating on Kwantas SPV Sdn Bhd’s (Kwantas SPV) outstanding RM80 million Class A Sukuk with a stable outlook. Concurrently, MARC has withdrawn its AAAID and A+ID ratings on Kwantas SPV’s RM15 million Class B and RM60 million Class C Sukuk respectively, which were fully redeemed on November 19, 2010. MARC has also affirmed its ratings on Kwantas SPV’s RM6...

MARC has affirmed the rating of DutaLand Berhad’s (DutaLand) outstanding RM26.3 million Redeemable Unsecured Loan Stocks (RULS) at B. The outlook is revised from negative to stable. The affirmed rating and outlook revision incorporates DutaLand’s improved operating performance, although earnings remain vulnerable to the company’s ability to execute the later phases of its high-en...

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 rating action affects RM150.0 million of outstanding Sukuk. Dura Palms is a special purpose company and wholly-owned subsidiary of Teck Guan Holdings Sdn Bhd (Teck G...

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 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 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 “...