MARC has removed its AIS rating on Matang Highway Sdn Bhd's (Matang) RM70.0 million Sukuk Musharakah (Sukuk) from MARCWatch Negative, where it had been placed on December 13, 2010 to highlight a potential shortfall and departure from the scheduled build-up of the sinking fund. Matang is a wholly-owned single-purpose funding vehicle of Zecon Berhad (Zecon). Its payment obligations under the fully-a...

MARC has downgraded its rating on Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah issuance to AIS from AA-IS and concurrently removed the rating from MARCWatch Negative where it was first placed on August 6, 2009. The rating outlook is negative. The rating actions reflect the tight liquidity of Matang as a result of the knock-on consequences of construction delay in Matang&...

MARC has assigned the rating of AA-IS to Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah (the Sukuk). The outlook for the rating is stable.Matang is a wholly-owned subsidiary of Zecon Berhad (Zecon), established with a single purpose to undertake the issuance of the Sukuk. The proceeds from the Sukuk will be utilized to refinance Zecon’s existing debts and to finance ...