KUALA LUMPUR: Malaysian Rating Corporation Berhad (MARC) has downgraded Alam Maritim Resources Bhd’s sukuk rating to DIS from BB+IS, following the missed sukuk principal payment of RM30 million on July 6, 2017 of the outstanding RM75 million under its Sukuk Ijarah Medium-Term Notes programme.
In a media release today, MARC said that following the downgrade, the rating agency will no longer conduct rating surveillance on Alam Maritim’s programme, which is a major domestic offshore support vessel provider for the oil and gas industry.
Keywords: Malaysian Rating Corporation Berhad, MARC, downgrade, Alam Maritim Resources Bhd, sukuk rating, Sukuk Ijarah Medium-Term Notes programme