MARC has reaffirmed the rating of Tian Siang Holdings Sdn Bhd (Tian Siang)’s RM93 million nominal value coupon bearing serial bonds (Serial Bonds) at A (A Flat). The reaffirmation reflects the Group’s improving profitability and consistent operational efficiency. Nevertheless, a moderating factor to the rating is the cyclical nature of palm oil industry largely due to potential fluctuation in ...

The MARC-1ID (Islamic Debt) rating assigned to Kumpulan Guthrie Berhad’s (Guthrie) proposed RM150 million Underwritten Murabahah Commercial Papers reflects the Group’s strong position as one of the country’s leading plantation players cum property developer with vast land banks in Malaysia and Indonesia; its sound financial profile and strong financial flexibility. Moderating factors to the...

The rating of IJM Plantations Berhad’s (IJMP) RM150 Million Al-Bai Bithaman Ajil Islamic Debt Securities has been upgraded to A+ID reflecting its business focus in oil palm plantation and palm oil milling and its strong financial profile. The rating is, however, moderated by the Group’s vulnerability to cyclical developments in the palm oil industry.IJMP’s oil palm cultivation is undertaken ...

The ratings of TH Group Berhad’s (THG) proposed RM200 million Commercial Papers/Medium-Term Notes Programme at MARC-2/A (MARC-2/single A flat) reflect THG’s improving financials on the back of steady growth in revenue and profit stemming from the good performance of its plantation and construction divisions. Some of the moderating factors include volatility in CPO prices, seasonal factors affe...

MARC has assigned AAAID and AAID to ABS Plantation Assets Berhad (ABSP)’s RM50 million Class A and RM45 million Class B Bai-Bithaman Ajil (BaIDS) Islamic Debt Securities respectively. The ratings reflect the quality of the plantation properties; the structural features incorporated into the transaction; irrevocable guarantee provided by Multi Vest in respect of the periodic lease payments; and r...

The rating of TH Group Berhad’s (THG) RM150 million BaIDS is reaffirmed at AID reflecting THG’s continued strong results on the back of steady growth in revenue and profit stemming from the good performance of its plantation and construction divisions. Some of the moderating factors include volatility in CPO prices, seasonal factors affecting crop production, cyclical developments in the domes...

The MARC-1 BG rating assigned to YPJ Oil Palm Estate Sdn Bhd’s (YPJOPE) RM180 million Guaranteed Commercial Papers (CP) 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 management of palm oil estat...

The rating of Kwantas Corporation Berhad (KCB) has been reaffirmed at A+ID, underpinned by the integrated nature of the KCB Group’s palm oil operations; its expanding activities namely, the establishment of operations in China (Guangzhou and Zhangjiagang), the commercialization of renewable bio-mass energy and the Group’s strengthening financial profile.KCB Group’s credit strength is drawn f...

MARC has upgraded Boustead Plantation Berhad’s (Boustead Plantation) (formerly known as Kuala Sidim Berhad) long-term rating under Tranche 1 from A(BG) to A+(BG) and reaffirmed the rating of Tranche 2 at A-. Meanwhile the short term ratings of Tranche 1 and 2 are reaffirmed at MARC-1 and MARC-2 respectively. The RM50 million Tranche 1 upgrade reflects the unconditional and irrevocable guarantee ...

MARC has reaffirmed the rating of Tian Siang Holdings Sdn Bhd (Tian Siang)’s RM93 million nominal value coupon bearing serial bonds (Serial Bonds) at A (A flat). The reaffirmation reflects the Group’s improving profitability and consistent operational efficiency. Nevertheless, the rating is moderated by the cyclical nature of the palm oil industry largely due to potential fluctuation in CPO pr...