MARC has withdrawn its MARC-1ID rating on Kumpulan Guthrie Berhad’s up to RM150 million Underwritten Murabahah Commercial Papers Facility (MCP). This action follows the recent novation of Kumpulan Guthrie Berhad’s MCP to Sime Darby Berhad (formerly known as Synergy Drive Berhad), and in respect of which MARC has assigned MARC-1ID rating with stable outlook....

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...

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 ratings of Kwantas SPV Sdn. Bhd.’s (Kwantas SPV) RM80.0 million Class A, RM15.0 million Class B and RM60.0 million Class C asset-backed Sukuk Ijarah at AAAID, AAID and A+ID respectively; and has also affirmed the ratings of the RM65.0 million Murabahah CP/MTN at MARC-1ID/A+ID. Out of the RM60.0 million Class C Sukuk Ijarah, RM35.0 million of the Class C Sukuk Ijarah and the...

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 ...

MARC has reaffirmed IJM Plantations Berhad’s (IJMP) RM150 Million Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) rating at A+ID with stable outlook. The reaffirmation reflects consistent operating performance, well managed plantations and favourable capital structure. These strengths are moderated by IJMP’s exposure to cyclical palm oil prices.IJMP is principally involved in the c...

MARC reaffirms the short term rating of Kumpulan Guthrie Berhad’s (“Guthrie” or “the Group”) RM150 million Underwritten Murabahah Commercial Papers at MARC-1ID based on the Group’s key position as a major plantation player and successful property developer with vast land banks in Malaysia and Indonesia, its strong financial flexibility and continued improvement ...

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...

The rating of BB- accorded to Mycom Berhad’s (“Mycom”) RM60,315,280 nominal value of Redeemable Unsecured Loan Stocks (“RULS”) reflects the risks associated with the implementation of the Group’s restructuring scheme. The rating category reflects significant uncertainties that could affect the ability of the issuer to adequately service debt obligations. The rat...

On 8 February 2007, MARC received confirmation from AmInvestment Bank Berhad that TH Group Berhad has fully redeemed its RM150 million BAIDS on 31 January 2007. As such, MARC no longer has any rating obligation on the BAIDS and the AID rating is hereby withdrawn....