MARC has affirmed the 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. Additionally, MARC has assigned a stable outlook to the ratings. The affirmed ratings follow a satisfactory performance review of the securitised palm oil estates. The performance of this pla...

MARC has upgraded IJM Plantations Berhad’s (IJMP) RM150 million Al-Bai Bithaman Ajil Serial Bonds (ABBA) long-term rating to AA-ID from A+ID. The rating outlook is stable. The upgrade reflects the group’s solid operating performance supported by an improving plantation maturity profile attesting to its superior estate management practice, strong profitability and cash flow generating c...

MARC has affirmed the ratings of Dura Palms Sdn Bhd’s (Dura Palms) 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 are premised on the quality of the collateral; the structural protections incorporated in the transaction; and the performance of the secu...

MARC has affirmed the ratings of Kwantas SPV Sdn Bhd’s (Kwantas SPV) RM80.0 million Class A Sukuk and RM60.0 million Class C Sukuk at AAAID, and A+ID, respectively; the RM65.0 million corporate guarantee-backed Murabahah Commercial Papers/Medium Term Notes Programme (Murabahah CP/MTN) at MARC-1ID /A+ID; and upgraded RM15.0 million Class B Sukuk to AAAID from AAID. The rating actions follow a...

MARC has affirmed its ratings of MARC-1ID / AA-ID on the RM100 million Murabahah Commercial Papers / Medium Term Notes (MuCP/ MuMTN) programme of TSH Resources Berhad (TSH). The outlook on the ratings is stable. The affirmed debt ratings reflect TSH’s business position as an integrated oil palm plantation player which has benefited from the palm oil industry upcycle, its relatively low debt ...

MARC has assigned a short-term rating of MARC-1IS and a long-term rating of AA-IS to 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, MARC has affirmed its ratings of MARC-1ID / AA-ID on the RM100 million Murabahah Commercial Papers / Medium Term Not...

MARC has affirmed the rating of DutaLand Berhad’s (formerly known as Mycom Berhad) (Dutaland) RM60,315,280 nominal value Redeemable Unsecured Loan Stocks (RULS) at BB-. The rating outlook is stable. The affirmed rating reflects DutaLand’s improved credit profile following the completion of its debt restructuring exercise, which includes its enhanced operating performance, attributed to...

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...