MARC assigns rating to Top Glove unit's proposed sukuk

Top Glove, which is the world’s largest glove maker, will provide a subordinated unconditional and irrevocable corporate guarantee on the perpetual sukuk.(File pic shows gloves being produced at a Top Glove factory.)

KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has assigned a rating of AA-IS to Top Glove Corp Bhd on unit TG Excellence Bhd’s proposed RM3bil perpetual sukuk wakalah programme.

The rating agency said that TG Excellence is a special-purpose unit of Top Glove which MARC has concurrently assigned a corporate credit rating of AA. The ratings carry a “stable” outlook.