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

Posted on 01 February 2010

From Cpifinancial.net: RAM Ratings said it has reaffirmed the respective AAA, AA1, A1, A2 and BBB1 ratings of Golden Crop Returns’ Series 1, 2, 3, 4 and 5 Sukuk Al-Ijarah with a stable outlook.
“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………………………………….Full Article: Source

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