PETALING JAYA: MARC Ratings has downgraded its ratings on MEX II Sdn Bhd’s RM1.3bil sukuk murabahah programme and RM150mil junior bonds to defaulted rating of D from CIS/C.
Highway operator MEX II Sdn Bhd is owned by Maju Holdings Sdn Bhd.
The rating action follows a non-payment on the principal and profit totalling RM107.8mil on the outstanding sukuk of RM1.3bil on due date, the rating agency said.
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