[MARC] MARC Ratings withdraws Top Glove unit’s Perpetual Sukuk rating

MARC Ratings has withdrawn its AIS(cg)  rating on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Programme. TG Excellence is a special funding vehicle of Top Glove Corporation Berhad.

The rating withdrawal follows the full redemption of the outstanding RM1.18 billion under the programme on February 27, 2025, and the cancellation of the same as confirmed by the facility agent on March 3, 2025.

MARC Ratings will no longer provide analytical coverage on TG Excellence. The rating agency will continue to provide coverage on Top Glove’s other funding vehicle, TG Treasury Berhad, which has a RM3.0 billion Islamic Medium-Term Notes/ Perpetual Sukuk Programme that carries ratings of AA-IS(cg)/AIS(cg) with a stable outlook.

Cyndy Goh, +603-2717 2941/ cyndy@marc.com.my
Vanessa Leong, +603-2717 2931/ xinyue@marc.com.my
Taufiq Kamal, +603-2717 2951/ taufiq@marc.com.my