MARC has reaffirmed its MARC-2/A ratings of TH Group Berhad’s (THG) RM200 million Commercial Papers/ Medium Term Notes (CP/MTN). The ratings carry a developing outlook. The ratings reflect the profitability of THG’s plantation operations and expected improvement in its earnings and cashflow as a result of declining losses on its unprofitable venture capital and money lending businesses...

MARC has upgraded TSH Resources Berhad’s (TSH or the Group) RM60 million Murabahah Medium Term Notes (MMTN) rating to AA- ID from A+ ID, and reaffirmed its RM40 million Al-Murabahah Commercial Papers (MCP) rating at Marc-1ID. The ratings carry a stable outlook. The long-term rating upgrade reflects a strengthening of TSH’s financial profile due to the continuation of favourable palm oi...

Under this transaction, Tradewinds Plantation Capital Sdn Bhd (TPCSB), a special purpose company and a wholly-owned subsidiary of Tradewinds Plantation Berhad (TPB) has been incorporated for the sole purpose of owning and leasing plantation assets for the benefit of the Sukuk holders under the RM210.0 million Sukuk Ijarah; as well as issuing RM90.0 million Murabahah Commercial Papers (CPs); and RM...

MARC has affirmed IJM Plantations Berhad’s (IJMP) RM150 Million Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) rating at A+ID with stable outlook underpinned by the company’s consistent operating performance and well managed plantations on the back of positive industry fundamentals and the company’s favourable capital structure. These strengths are moderated by IJMP’s ...

MARC has reaffirmed the long term ratings of ABS Plantation Assets Berhad’s (ABSP) RM50.0 million Class A and RM45.0 million Class B Bai Bithaman Ajil Islamic debt securities (Notes) at AAAID and AAID respectively. The affirmed ratings reflect the satisfactory performance of underlying plantation assets with the net operating income (NOI) of RM17.1 million for the period under review, well a...

MARC has affirmed the ratings of Dura Palms Sdn Bhd’s (Dura Palms or the Issuer) RM100.0 million Series A; RM90.0 million Series B and RM10.0 million Series C Sukuk Ijarah at AAAIS, AAIS and AIS respectively. The ratings affirmation of Series A and B Sukuk Ijarah reflects the quality of the collateral and the adequate performance of the securitized estates under the sale and leaseback transa...

MARC has affirmed ratings of Kwantas SPV Sdn Bhd’s (Kwantas SPV) RM80.0 million Class A, RM15.0 million Class B and RM25.0 million Class C asset-backed Sukuk Ijarah at AAAID , AAID and A+ID respectively and has also affirmed the ratings of the RM35.0 million Class C credit-linked Sukuk Ijarah and RM65.0 million corporate guarantee-backed Murabahah CP/MTN which mirror the corporate rating of ...

Major Rating FactorsStrengths Favourable market position as a leading palm oil plantation company; andProperty development division’s solid track record in residential development, its large land bank and very low holding costs; andStrong balance sheet.Challenges/Risks Synergistic benefits arising from post-merger integration.Rationale         MAR...

MARC has affirmed YPJ Oil Palm Estate Sdn Bhd’s (YPJ) RM180 million Guaranteed Commercial Papers (CP) rating at MARC-1 (bg) with stable outlook. The affirmation reflects the strength of the unconditional and irrevocable guarantee provided by a consortium of financial institutions comprising Affin Investment Bank Berhad, Affin Bank Berhad and CIMB Bank Berhad.YPJ is principally involved in th...

MARC has reaffirmed the ratings of TSH Resources Bhd’s (TSH) RM100 million in nominal value Al-Murabahah Commercial Papers/Medium Term Notes (CPs/MTNs) at MARC-1ID /A+ID with a stable outlook. The reaffirmation mainly reflects the continuous improvement in TSH’s financial performance on the back of robust operating records with regard to its diversified business portfolios covering p...