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MARC Ratings has revised its rating outlook on the sukuk programmes of its rated cocoa grinders, Guan Chong Berhad (AA-IS) and JB Cocoa Sdn Bhd (A+IS), to negative from stable.The rating action is driven by the prevailing abnormal price environment for cocoa beans, having risen steeply from USD3,835/MT to USD9,193/MT between end-October 2023 and end-March 2024, that has weighed sharply on the work...
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MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme currently stands at RM600.0 million. GCB's established market position in the midstream cocoa supply chain — as the largest cocoa grinder in Asia and fourth in the world — and its strong operational track r...
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MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme stood at RM300.0 million as of October 17, 2022. The rating affirmation mainly reflects GCB’s strong position in the midstream cocoa supply chain as the largest cocoa grinder in Asia and fourth-...
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MARC has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook.The affirmed rating reflects GCB’s strong position in the midstream cocoa supply chain as the largest cocoa grinder in Asia and fourth-largest in the world, as well as its strong operational track record. Moderating the rating is cocoa price volatility...
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MARC has assigned a final rating of AA-IS with a stable outlook to Guan Chong Berhad’s proposed RM800.0 million Sukuk Wakalah Programme.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was based. For full details of the assi...
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MARC has assigned a preliminary rating of AA-IS with a stable outlook to Guan Chong Berhad’s (GCB) proposed Sukuk Wakalah Programme of up to RM800.0 million. The proposed rating incorporates GCB’s strong market position in the midstream cocoa industry, established operational track record and healthy debt coverage metrics. The rating is constrained by the group’s inherent exposure to fluctua...
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