MARC has downgraded its rating on Vastalux Capital Sdn Bhd's (VCSB) RM100 million Sukuk Musyarakah facility to DIS from BB+IS following VCSB's failure to redeem the remaining outstanding RM3.96 million of Sukuk on the final redemption date of December 23, 2010.

VCSB had redeemed RM21.04 million of RM25.0 million of outstanding Sukuk on December 10, 2010, prior to the final redemption date. VCSB had earlier proposed to restructure the Sukuk but had been unable to complete the restructuring prior to the final redemption date.

VCSB is a special purpose funding vehicle owned by oilfield services provider Vastalux Sdn Bhd.

Contacts:
Eric Chua 03-2082 2245/ cheekiong@marc.com.my;
Anandakumar Jegarasasingam 03-2082 2250/ kumar@marc.com.my.