KUALA LUMPUR: RAM Rating Services has reaffirmed the ratings of the Islamic securities issued by Midas PLANTATION [] Sdn Bhd.
The ratings agency said on Friday, Aug 20 it had reaffirmed the respective AAA, AA2 and P1(s)/AAA(s) ratings of the Class A and Class B Sukuk Ijarah and Sukuk Ijarah commercial paper/medium-term notes.
Concurrently, the rating of the Midas's Class C Sukuk Ijarah was upgraded from A2 to AA3.
"All the long-term ratings have a stable outlook, reflecting our expectation that the lessees (the operators of the transaction's assets) will be able to meet their scheduled lease payments and, in turn, the payment obligations under the Islamic Securities throughout their remaining tenures," it said.
RAM Ratings said the ratings of the RM50 million Sukuk Ijarah CP/MTN programme reflected the enhancement in the form of a Sukuk put option, granted by OCBC Bank (Malaysia) Bhd to the sukuk holders.
RAM Ratings upgraded OCBC's financial institution ratings, from AA1/P1 to AAA/P1, on Nov 5, 2009; the long-term rating has a stable outlook.
Midas was incorporated as the financing vehicle for an Islamic sale-and-leaseback transaction backed by 2 oil-palm plantations and 1 palm-oil mill.
The Lessees - RH Plantation Sdn Bhd (RH Plantation) and Timrest Sdn Bhd (Timrest) - had sold their beneficial interests in the assets to Midas which, in turn, had leased the assets back to the respective lessees. The financial obligations under the Islamic Securities are met via the semi-annual lease payments received from the lessees.
The ratings agency said on Friday, Aug 20 it had reaffirmed the respective AAA, AA2 and P1(s)/AAA(s) ratings of the Class A and Class B Sukuk Ijarah and Sukuk Ijarah commercial paper/medium-term notes.
Concurrently, the rating of the Midas's Class C Sukuk Ijarah was upgraded from A2 to AA3.
"All the long-term ratings have a stable outlook, reflecting our expectation that the lessees (the operators of the transaction's assets) will be able to meet their scheduled lease payments and, in turn, the payment obligations under the Islamic Securities throughout their remaining tenures," it said.
RAM Ratings said the ratings of the RM50 million Sukuk Ijarah CP/MTN programme reflected the enhancement in the form of a Sukuk put option, granted by OCBC Bank (Malaysia) Bhd to the sukuk holders.
RAM Ratings upgraded OCBC's financial institution ratings, from AA1/P1 to AAA/P1, on Nov 5, 2009; the long-term rating has a stable outlook.
Midas was incorporated as the financing vehicle for an Islamic sale-and-leaseback transaction backed by 2 oil-palm plantations and 1 palm-oil mill.
The Lessees - RH Plantation Sdn Bhd (RH Plantation) and Timrest Sdn Bhd (Timrest) - had sold their beneficial interests in the assets to Midas which, in turn, had leased the assets back to the respective lessees. The financial obligations under the Islamic Securities are met via the semi-annual lease payments received from the lessees.
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