MARC has affirmed its B rating on DutaLand Berhad’s (DutaLand) outstanding RM13,121,392 Redeemable Unsecured Loan Stocks (RULS) with a stable outlook. The rating action reflects DutaLand’s weak business profile that is characterised by inconsistent performance of its property and plantation divisions and the group’s continued reliance on asset disposals to generate liquidity to m...

MARC has affirmed its rating on TSH Sukuk Musyarakah Sdn Bhd’s (TSH Musyarakah) RM100.0 million Islamic Medium Term Notes (IMTN) Programme at AAAIS(fg) with a stable outlook. The rating action affects outstanding notes of RM50.0 million issued under the rated programme.TSH Musyarakah is a special purpose funding vehicle created to facilitate the issuance of the notes under the rated programm...

MARC has affirmed its ratings on TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM100.0 million Sukuk Ijarah Commercial Papers (Sukuk ICP) and RM300.0 million Sukuk Ijarah Medium Term Notes (Sukuk IMTN) Programmes at MARC-1IS /AA-IS with a stable outlook. The rating action affects outstanding notes of RM245.0 million issued under the rated programmes.TSH Ijarah is a special purpose funding vehicle ...

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 (collectively the Sukuk) respectively, with a stable outlook. Wholly-owned by Tradewinds Plantation Berhad (Tradewinds), Tradewinds Capital is a special purpose vehicle established to act...

MARC has affirmed its AAAID rating on Kwantas SPV Sdn Bhd’s (Kwantas SPV) outstanding RM60 million Class A sukuk with a stable outlook. Concurrently, MARC has also affirmed its ratings on Kwantas SPV’s RM65 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme at MARC-2ID(cg) /A-ID(cg). The rating outlook on the Murabahah CP/MTN Programme has been revised to stable f...

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 RM134.0 million of total outstanding sukuk comprising RM64.0 million Series A sukuk, RM60.0 million Series B sukuk and RM10.0 million Series C ...

MARC has affirmed its rating on DutaLand Berhad’s (DutaLand) outstanding RM20,649,024 Redeemable Unsecured Loan Stocks (RULS) at B with a stable outlook. The rating action incorporates DutaLand’s improving operating performance, underpinned by a higher contribution from its plantation division that has offset weaker earnings from its property development activities, and its reliance on...

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...