Posted Date: January 7, 2022

MARC Ratings has downgraded its ratings on MEX II Sdn Bhd's RM1.3 billion Sukuk Murabahah Programme and RM150 million Junior Bonds to defaulted rating of D from CIS/C. The rating action follows a non-payment on the principal and profit totalling RM107.8 million on the outstanding sukuk of RM1.3 billion on due date. The non-payment is after two previous extensions granted by sukukholders in the past. MARC Ratings understands that the issuer had engaged with the sukukholders about a possible further extension of the maturity date to March 31, 2022 but failed to obtain their consent.

Ummi Kalsom Yaacub, +603-2717 2934/ ummikalsom@marc.com.my;
Hafiza Abdul Rashid, +603-2717 2955/ hafiza@marc.com.my.

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