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...

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...