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 maturity...

On 7 December 2006, MARC received confirmation from Amanah Raya Berhad that Boustead Plantations Berhad (Boustead Plantations) has made a full redemption of its RM50 million Guaranteed Commercial Papers and Medium-Term Notes (CPs/MTNs) on 29 November 2006. As such, MARC no longer has any rating obligation on the CPs/MTNs. The ratings of Tranche 1 (RM50 million Guaranteed CPs/MTNs) at MARC-1(bg) / ...

On 23 November 2006, MARC received confirmation from Malaysian Trustees Berhad that Tian Siang Holdings Sdn Bhd (Tian Siang) has made a full early redemption of its RM93 million nominal value coupon bearing serial bonds (Serial Bonds) on 22 November 2006. As such, MARC no longer has any rating obligation on the Serial Bonds and the A (A Flat) rating is hereby withdrawn. ...

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-1 ID / 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 ...

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 developments ...

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 pla...

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 manag...

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 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 develo...

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”) (&l...