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MARC Ratings highlights that Alpha Circle Sdn Bhd’s Senior Sukuk Musharakah programme of RM595.0 million and Junior Sukuk Musharakah programme of RM55.0 million have expired on November 19, 2023. Both programmes are rated at CIS. Following the expiry of the programmes, MARC Ratings will no longer provide surveillance on the ratings.Contacts:Cyndy Goh, +603-2717 2941/ cyndy@marc.com.my &nbs...
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MARC Ratings highlights that Alpha Circle Sdn Bhd has not made the principal payment on the outstanding Senior Sukuk Musharakah of RM60 million and Junior Sukuk Musharakah of RM55 million due on May 31, 2023. This is due to insufficient funds in the designated account.We understand that sukukholders are likely to provide further indulgence on the repayments, failing which the sukuk ratings will be...
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MARC Ratings wishes to highlight that Alpha Circle Sdn Bhd has now deferred its Senior Sukuk payment of RM11 million due on January 18, 2023 to March 1, 2023 after sukukholders approved the deferment. With this, the outstanding Senior Sukuk Musharakah stands at RM71 million and Junior Sukuk Musharakah at RM55 million as of January 18, 2023.The rating agency notes that Alpha Circle has continued to...
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MARC Ratings has maintained its ratings on Alpha Circle Sdn Bhd’s outstanding RM80 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at BIS and CIS. The senior sukuk’s rating outlook has been maintained at negative.The rating actions reflect Alpha Circle’s weak financial position to be able to fully meet its remaining sukuk repayments and instead has relied on the indu...
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MARC Ratings has lowered its ratings on Alpha Circle Sdn Bhd’s outstanding RM115 million Senior Sukuk Musharakah to BIS/negative from BBIS/negative and RM55 million Junior Sukuk Musharakah to CIS from BIS/negative. The downgrades reflect Alpha Circle’s weakened financial position to fully meet its upcoming senior sukuk payment of RM55 million on February 23, 2022. It has a balance o...
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MARC has lowered its ratings on Alpha Circle Sdn Bhd’s outstanding RM140 million Senior Sukuk Musharakah to BBIS from BBBIS and RM55 million Junior Sukuk Musharakah to BIS from BBIS. The rating action highlights the ongoing challenges surrounding the hire of foreign labour that has remained significantly affected by measures implemented to contain the COVID-19 pandemic. Among these are the ...
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MARC has lowered its ratings on Alpha Circle Sdn Bhd’s outstanding RM140 million Senior Sukuk Musharakah to BBBIS from AIS and RM55 million Junior Sukuk Musharakah to BBIS from BBBIS. The downgrades reflect increased concerns on Alpha Circle’s ability to meet its remaining sukuk repayments as its cash flow has been substantially impacted by the operational disruption in foreign worker per...
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MARC has placed its ratings on Alpha Circle Sdn Bhd’s Senior Sukuk Musharakah of AIS and Junior Sukuk Musharakah of BBBIS on MARCWatch Negative.The rating action follows Alpha Circle’s inability to meet payments totalling RM20.3 million due on February 23, 2021 which has now been extended to March 3, 2021 under an indulgence granted by sukukholders. Alpha Circle’s lack of funds has been attr...
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MARC has lowered its ratings on Alpha Circle Sdn Bhd’s outstanding RM160 million Senior Sukuk Musharakah to AIS from AA-IS, and RM55 million Junior Sukuk Musharakah to BBBIS from AIS. The ratings outlook remains negative.Our rating action is premised on lingering issues related to the foreign labour force in the wake of border closures amid the COVID-19 pandemic. In addition to hampering new for...
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MARC has affirmed its ratings on Alpha Circle Sdn Bhd’s RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at AA-IS and AIS. The ratings outlook has been revised to negative from stable. The current outstanding of senior sukuk is RM160 million and junior sukuk is RM55 million.Alpha Circle is the funding vehicle of NERS Sdn Bhd, the contractor for the 12-year governmen...
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