MARC has downgraded the rating of Brisdale’s Murabahah Underwritten Notes Issuance Facility (MUNIF) with an outstanding amount of RM46 million to MARC-4ID from MARC-3ID. The downgrade reflects the unsatisfactory progress of its existing Bandar Armada Putra (formerly known as West Port Tech Zone) housing development, which forms the main source of repayment of the facility. This has negatively affected Brisdale’s ability to meet the financial covenants under the facility.