MARC has affirmed 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 debt securities (Notes) at AAAID and AAID respectively. The ratings reflect the economics of underlying plantation assets; and the structural features of the sale and leaseback transaction which include low loan-to-value (LTV) ratios at maturi...

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. The affirmation reflects IJMP’s steady operating performance focusing on oil palm plantation and milling as well as its strong financial profile. The rating is nonetheless moderated by IJMP’s exposure to the cyclical development...

This transaction represents the third issue rated by MARC, involving the securitisation of oil palm plantation assets. Originated by Teck Guan Holdings Sdn Bhd (TGHSB or Originator), the plantation assets are owned by its subsidiaries namely Andum Sdn Bhd (ASB), Happy Valley Plantation Sdn Bhd (HVP) and Teck Guan Plantations Sdn Bhd (TGP) (collectively known as the Sellers/ Lessees). Dura Palms Sd...

MARC has affirmed YPJ Oil Palm Estate Sdn Bhd’s (YPJOPE) RM180 million Guaranteed Commercial Papers rating at MARC-1 (bg). The affirmation reflects the unconditional and irrevocable guarantee provided by a consortium of financial institutions comprising Affin Merchant Bank Berhad, Affin Bank Berhad and Bumiputra-Commerce Bank Berhad. YPJOPE is principally involved in the cultivation and ...

MARC has affirmed the ratings of TH Group Berhad’s (THG) RM200 million Commercial Papers /Medium Term Notes (CP/MTN) Programme ratings at MARC-2/A. The affirmation reflects the steady operating performances of THG’s plantation and construction divisions as well as its fairly robust balance sheet. Moderating factors to THG’s rating include seasonal factors and/or cyclical developm...

MARC has reaffirmed the rating of TH Group Berhad’s (THG) RM150 million Al-Bai Bithaman Ajil Islamic Debt Securities (BAIDS) at AID. The outstanding balance of the BAIDS is RM75 million which will mature in January 2007. The affirmation reflects the steady operating performances of THG’s plantation and construction divisions as well as its fairly robust balance sheet. Moderating factor...

MARC has affirmed the short term rating of Kumpulan Guthrie Berhad’s (Guthrie) RM150 million Underwrtitten Murabahah Commercial Papers at MARC-1ID, reflecting the Group’s position as the country’s leading plantation player cum property developer with vast land banks in Malaysia and Indonesia, its strong financial flexibility and the anticipation of improved cash flow from its p...

Under this transaction, Kwantas SPV Sdn. Bhd. (SPV), a special purpose company and a wholly owned subsidiary of Kwantas Corporation Berhad (KCB) has been incorporated for the sole purpose of owning and leasing plantation properties for the benefit of the Islamic securities investors as well as issuing up to RM65.0 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) to part-f...

MARC has reaffirmed the rating of Tian Siang Holdings Sdn Bhd (Tian Siang)’s RM93 million nominal value coupon bearing serial bonds (Serial Bonds) at A (A Flat). The reaffirmation reflects the Group’s improving profitability and consistent operational efficiency. Nevertheless, a moderating factor to the rating is the cyclical nature of palm oil industry largely due to the potential f...

MARC has affirmed Boustead Plantations Berhad’s (formerly known as Kuala Sidim Berhad) long term ratings under Tranche 1 and 2 at A+(BG) and A- respectively. Meanwhile the short term ratings of Tranche 1 and 2 are reaffirmed at MARC-1(BG) and MARC-2 respectively. The reaffirmation of the Tranche 1 rating reflects the unconditional and irrevocable guarantee by Southern Bank Berhad (SBB), wh...