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MARC Ratings has assigned a rating of AA-IS to FGV Holdings Berhad’s (FGV) Sukuk Murabahah Programme of up to RM3.0 billion. The then unrated programme was established in December 2021 with a limit of RM500.0 million and will be upsized to the current limit. The outlook on the rating is stable. The assigned rating incorporates a rating uplift based on MARC Ratings’ as...
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MARC Ratings has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA and Perpetual Subordinated Sukuk Programme rating of up to RM3.0 billion at AAIS. The two-notch rating differential between SD Plantation’s corporate credit rating and the Perpetual Sukuk programme rating is in line with MARC Ratings’ methodology on notching principles of subordinated and ...
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MARC Ratings has affirmed TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium-Term Notes Programme rating at AA-IS with a stable outlook. The outstanding stood at RM90 million as at end-March 2023. TSH Sukuk Murabahah is the funding vehicle for TSH Resources Berhad (TSH) which has provided an irrevocable and unconditional undertaking to meet the purchase obligations of its subsidiary.The rating a...
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MARC Ratings has withdrawn its MARC-1IS rating on TSH Sukuk Murabahah Sdn Bhd’s RM50 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the termination of the programme upon expiry as confirmed by the facility agent on February 3, 2023.The analytical coverage on TSH Sukuk Murabahah is now limited to its RM150 million Islamic Medium-Term Notes Programme. This program...
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MARC Ratings has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA and its Perpetual Subordinated Sukuk Programme’s rating of up to RM3.0 billion at AAIS. Both ratings carry a stable outlook.The affirmed corporate credit rating reflects SD Plantation’s strong cash flow generating ability from its geographically sizeable and integrated oil palm operations,...
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MARC Ratings has upgraded TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium-Term Notes (IMTN) Programme rating to AA-IS from A+IS and affirmed its RM50 million Commercial Papers (ICP) Programme rating at MARC-1IS. The ratings outlook is stable. TSH Sukuk Murabahah is the funding vehicle for parent TSH Resources Berhad (TSH) which has provided an irrevocable and unconditional undertaking to meet...
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MARC Ratings has withdrawn its rating of A+IS on TSH Sukuk Ijarah Sdn Bhd’s RM300 million Medium-Term Notes (IMTN) Programme. The rating withdrawal follows the full redemption of the outstanding RM15 million and subsequent cancellation of the programme. TSH Sukuk Ijarah is a wholly-owned special purpose funding vehicle of TSH Resources Berhad (TSH).With the cancellation, MARC Ratings’ an...
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MARC has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA with a stable outlook. The rating agency has concurrently affirmed its AAIS/Stable rating on SD Plantation’s Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion.The affirmed ratings are driven by SD Plantation’s strong cash flow generating ability from its sizeable geog...
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MARC has affirmed its rating of A+IS and MARC-1IS on TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium-Term Notes (IMTN) Programme and RM50 million Commercial Papers (ICP) Programme. Concurrently, the rating agency has affirmed its rating of A+IS on TSH Sukuk Ijarah Sdn Bhd’s RM300 million IMTN programme. The long-term ratings outlook has been revised to positive. Both TSH Su...
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MARC has assigned a "Gold" Sustainability Sukuk Assessment to Agroto Business (M) Sdn Bhd's (Agroto) ASEAN Sustainability Sustainable and Responsible Investment (SRI) Sukuk Programme Framework (Framework). The assessment is driven by our expectation that the net proceeds of the sukuk to be issued will be directed towards qualifying capital expenditures on the issuer's sustainable and modern integr...
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