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MARC has been informed that the noteholders of TH Group Berhad’s (THG) RM200 million Commercial Papers/Medium-Term Notes issuance programme (CP/MTN), had on November 25, 2008, consented to THG’s proposed early redemption of its outstanding RM170 million CP/MTN before year-end. On September 29, 2008, Tung Hup Holdings Sdn Bhd (THH) and parties acting in concert, who collectively hold a ...
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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...
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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...
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MARC has affirmed its ratings of MARC-1ID / AA-ID on the RM100 million Murabahah Commercial Papers / Medium Term Notes 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 leverage and r...
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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...
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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...
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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...
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MARC has withdrawn its MARC-1(bg) rating on YPJ Oil Palm Estate Sdn Bhd’s RM180 million Guaranteed Commercial Papers (CP) Programme with immediate effect, following the full redemption of the outstanding Notes on January 17, 2008 and subsequent cancellation of the CP Programme, as confirmed by the facility agent, Affin Bank Berhad.February 13, 2008...
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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 pa...
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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. THG is mainly involved in the cultivation and management of palm oil estates, contracting services (construction and coal mining), technology, healthcare sector and venture capital. The ratings reflect THG’s plantatio...
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