MARC: TSH’s Long-Term Ratings Affirmed at A+IS; Short Term Rating Upgraded to MARC-1IS

Malaysian Rating Corporation (MARC) has affirmed TSH Sukuk Murabahah (TSH Murabahah)’s MYR 150 million Medium Term Notes (IMTN) rating at A+IS, while simultaneously upgrading its MYR 50 million Sukuk Murabahah Commercial Papers (ICP) rating to MARC-1IS from MARC-2IS. In addition, the ratings agency has affirmed TSH Sukuk Ijarah (TSH Ijarah)’s MYR 300 million IMTN rating at A+IS, with a Stable Outlook for the ratings.

TSH Murabahah and TSH Ijarah are special purpose funding vehicles set up by their parent, TSH Resources (TSH), which is a Malaysia-based company primarily engaged in the cultivation, processing and refining of oil palm. According to MARC, the affirmed IMTN ratings reflect TSH’s large palm...