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. 

Contacts:
Ummi Kalsom Yaacub, +603-2717 2934/ [email protected];
Hafiza Abdul Rashid, +603-2717 2955/ [email protected]. 

January 7, 2022

[This announcement is available on MARC's corporate website at www.marc.com.my] 
 
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This communication is provided by Malaysian Rating Corporation Berhad and any of its subsidiaries or affiliates (''MARC'') based on the information, reasonably believed by MARC to be accurate and reliable to the greatest extent, derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified the source of such information and makes no representation as to the accuracy, completeness and timeliness of such information. Any assignment of a credit rating by MARC shall at all times solely be construed as a statement of opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell or hold any security and/or investment. 

? 2022 MARC Ratings Berhad 
202001041436 (1397757-W)

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