Sunday 31, January 2010 by

RAM Ratings reaffirms ratings of Golden Crop’s Sukuk Al-Ijarah

“The reaffirmation is premised on the plantations’ performance, which has fallen within our expectations, as well as loan-to-value (LTV) ratios and debt service coverage ratios (DSCRs) that commensurate with their respective ratings. Golden Crop is a bankruptcy-remote, special-purpose company that had been set up as the financing vehicle for the sale-and-leaseback transaction involving 17 plantations and 5 mills under the purview of entities within the Boustead Holdings Group,” a statement from RAM said.  

Features & Analyses