KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has assigned a preliminary rating of A+ IS to Tan Chong Motor Holdings Bhd’s (TCMH) RM1.5bil Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook is stable.

       The rating is confined to a RM500mil issuance and any further drawdown will require a reassessment of the rating.

       The assigned rating incorporates TCMH’s established presence in the domestic automotive industry through its longstanding collaboration with Japan-based Nissan Motor Co Ltd, its consistently low-to-moderate leverage position and potential growth from its expansion into the Indochina region.