MARC has withdrawn its AAAIS(fg) rating on TSH Sukuk Musyarakah Sdn Bhd’s RM100.0 million Danajamin-guaranteed Islamic Medium-Term Notes (IMTN) programme. The rating carried a stable outlook. TSH Sukuk Musyarakah is a special purpose funding vehicle of TSH Resources Berhad. The issuer had fully redeemed its outstanding amount of RM50.0 million under the programme on April 4, 2018. The programme was subsequently cancelled as confirmed by the facility agent on June 19, 2018.

With the cancellation, MARC’s analytical coverage on TSH Resources is now limited to the following issuances of its subsidiaries:

  • TSH Sukuk Ijarah Sdn Bhd’s RM300.0 million IMTN programme rated AA-IS; and
  • TSH Sukuk Murabahah Sdn Bhd’s RM50.0 million Islamic Commercial Papers and RM150.0 million IMTN programmes rated MARC-1IS and AA-IS.

The ratings carry a stable outlook.

Contacts: Wan Abdul Muiz Wan Abdul Ghafar, +603-2717 2939/ muiz@marc.com.my, Yap Lai Ken, +603-2717 2947/ laiken@marc.com.my.

© Press Release 2018

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