MARC Affirms TG Excellence’s MYR 3 Billion Perpetual Sukuk Rating; Upgrades Top Glove’s Credit Rating

Malaysian Rating Corporation (MARC) has affirmed the AA-IS(CG) rating of TG Excellence’s MYR 3 billion Perpetual Sukuk Wakalah Programme (Perpetual Sukuk), and concurrently upgraded the corporate credit rating of TG Excellence’s parent Top Glove Corporation (Top Glove or the Group) to AA+ from AA. The ratings Outlook is Stable.

Company Background

TG Excellence, which is 100% owned by Top Glove, is a special purpose vehicle set to raise funds for Top Glove. According to MARC, Top Glove provides a subordinated unconditional and irrevocable corporate guarantee on TG Excellence’s Perpetual Sukuk.

Ratings Rationale

The Perpetual Sukuk rating was maintained to reflect its subordination to Top Glove&rsquo...