MARC Ratings has assigned a final rating of A+_IS with a stable outlook to JB Cocoa Sdn Bhd’s proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million.

The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was based.

For full details on the assigned rating, please see JB Cocoa’s preliminary rating announcement dated August 22, 2022. The complete analysis is provided in the Credit Analysis Report which is available here.