KUALA LUMPUR: MARC Ratings has downgraded its ratings on MEX II Sdn Bhd’s RM1.3bil sukuk Murabahah programme and RM150mil junior bonds to the defaulted rating of D from CIS/C.

       “The rating action follows a non-payment on the principal and profit totalling RM107.8mil on the outstanding sukuk of RM1.3bil on the due date,” Malaysian Rating Corp Bhd said in a statement.

       The non-payment is after two previous extensions granted by sukuk holders in the past.

       “MARC Ratings understands that the issuer had engaged with the sukuk holders about a possible further extension of the maturity date to March 31, 2022 but failed to obtain their consent,” it said.