Is the Serba Dinamik ‘monument’ starting to crack?
Fitch Ratings has downgraded Serba Dinamik Holdings Bhd to ‘RD’ (Restricted Default) from ‘C’ for past the sukuk payment deadline.
In a statement on Monday issued by Fitch, the downgrade was made as the company passed the 30 -day grace period of unpaid coupons for unsecured sukuk worth US $ 222 million or RM939.35 million due in 2022.
The firm added that unpaid sukuk notes could trigger a potential debt cross -acceleration clause.
Following records, Malaysian Rating Corp Bhd (MARC) has stated that its Serba Dinamik subsidiary has surpassed the semi -annual coupon payment of outstanding Islamic bonds worth US $ 7 million or RM29.53 million.
According to the rating firm's report, the coupon payment was due on November 9 and Serba Dinamik has confirmed that no payment was made within the 20 -day grace period ending December 9 and as a result, MARC also downgraded the Serba Dinamik Islamic Term Note Valuation Medium (IMTN). to CIS from BBIS/Negative.
Meanwhile, Fitch has affirmed the May 2022 sukuk rating issued by SD International Sukuk Ltd and the March 2025 payable slip issued by SD International Sukuk II Ltd at ‘C’ with the recovery rating remaining at ‘RR4’.
