MARC has affirmed its rating of AAAIS(fg) on special purpose vehicle TSH Sukuk Musyarakah Sdn Bhd’s (TSH Musyarakah) RM100.0 million Guaranteed Islamic Medium-Term Notes programme (Sukuk Musyarakah) with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC ma...

MARC has affirmed its ratings of MARC-1IS /AA-IS on special purpose entity TSH Sukuk Murabahah Sdn Bhd’s (TSH Murabahah) RM50.0 million Islamic Commercial Paper (ICP) and RM150.0 million Islamic Medium-Term Note (IMTN) programmes. The outlook is stable. The ratings affect the outstanding amount of RM150.0 million as at September 15, 2016 under the rated programmes. TSH Murabahah is a special pu...

MARC has affirmed its rating of AA-IS on TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM300.0 million Sukuk Ijarah Medium-Term Notes (Sukuk IMTN) programme. The outlook is stable. TSH Ijarah is one of three special purpose funding vehicles set up by its parent, TSH Resources Berhad (TSH), to fund TSH’s crude palm oil (CPO) operations. The rating action is premised on TSH’s healthy cash flow gene...

MARC has withdrawn its MARC-1IS rating on TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM100.0 million Sukuk Ijarah Commercial Papers. The rating withdrawal follows the full redemption and cancellation of the programme as confirmed by the facility agent on September 21, 2016.  Upon the withdrawal of the rating, MARC’s analytical coverage on TSH Ijarah is now limited to its RM300.0 million...

MARC has affirmed its rating of AAAIS(fg) on special purpose vehicle TSH Sukuk Musyarakah Sdn Bhd’s (TSH Musyarakah) RM100.0 million Guaranteed Islamic Medium-Term Notes programme (Sukuk Musyarakah) with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC ha...

MARC has affirmed its ratings of MARC-1IS /AA-IS 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 with a stable outlook. The ratings affect the outstanding amount of RM270.0 million as at December 28, 2015 under the rated programmes. TSH Ijarah is a special purpose veh...

MARC has withdrawn its ratings of AAA(IS) and AA+(IS) on Tradewinds Plantation Capital Sdn Bhd’s RM180.0 million Class A and RM30.0 million Class B asset-backed Sukuk Ijarah respectively. The ratings withdrawal follows the full redemption of the outstanding Class A and Class B Sukuk Ijarah and subsequent cancellation of the programmes on December 18, 2015. Upon the withdrawal of the rating...

MARC has assigned the ratings of MARC-1IS /AA-IS to special purpose entity TSH Sukuk Murabahah Sdn Bhd’s (TSH Murabahah) proposed RM50.0 million Islamic Commercial Paper (ICP) and RM150.0 million Islamic Medium-Term Note (IMTN) programmes. The ratings carry a stable outlook. The proceeds from the issuances under the proposed programmes will be utilised by its parent company, TSH Resources Bhd (...

MARC has withdrawn its ratings of MARC-1ID(bg)/AAAID(bg) and MARC-1ID on Tradewinds Plantation Capital Sdn Bhd’s RM100.0 million Bank-Guaranteed Murabahah Commercial Papers/Medium-Term Notes (CP/MTN) Programme and RM90.0 million Murabahah Commercial Papers (CP) Programme respectively. The ratings withdrawal follows the full redemption and subsequent cancellation of the programmes on March 1...

MARC has affirmed its rating of AAAIS(fg) on TSH Sukuk Musyarakah Sdn Bhd’s (TSH Musyarakah) RM100.0 million Guaranteed Islamic Medium-Term Notes programme (Sukuk Musyarakah) with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) which carries MARC’s financial...