MARC International has upgraded the rating on First Global Sukuk Inc's Serial Islamic Lease Sukuk Issuance of up to US$368mil to AIS from BBB+IS.
The rating reflected the improved performance of Kumpulan Guthrie Bhd's palm oil operations, which contributed positively to its financial results during the period under review, coupled with continued positive contributions from its successful ongoing residential property development projects, Malaysian Rating Corp said.
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