Press Releases
Displaying 1-10 of 14 results.
Friday, Jan 07, 2022
MARC Ratings has downgraded its ratings on MEX II Sdn Bhd’s RM1.3 billion Sukuk Murabahah Programme and RM150 million Junior Bonds to defaulted rating of D from CIS/C. The rating action follows a non-payment on the principal and profit totalling RM107.8 million on the outstanding sukuk of RM1.3 billion on due date. The non-payment is after two previous extensions granted by sukukholders in the p...

This article has been viewed 278 times.
Thursday, Aug 26, 2021
MARC notes MEX II Sdn Bhd received sukukholders’ approval on August 24, 2021 for the deferment of payments of RM68.7 million and RM38.2 million due on August 27, 2021 and October 29, 2021, both to December 31, 2021. The rating agency understands that discussions are ongoing on the company’s debt restructuring.MEX II has an outstanding RM1.3 billion Sukuk Murabahah Programme and RM150.0 million...

This article has been viewed 305 times.
Monday, Aug 02, 2021
MARC highlights that MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds which carry ratings of CIS/C remain at risk for imminent default.We note that the liquidity remains severely strained and understand that no material progress has been made on a planned restructuring of its financial obligations. MEX II faces a looming repayment of around RM68....

This article has been viewed 312 times.
Monday, May 03, 2021
MARC wishes to highlight that its ratings on MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds have been maintained at CIS/C after the last downgrade on March 26, 2021 on heightened concerns of missing imminent profit payments. MEX II had sought an extension on the the principal and profit payment that were due on April 28, 2021 in respect of...

This article has been viewed 306 times.
Friday, Mar 26, 2021
MARC has downgraded MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds ratings to CIS/C, from BBIS and B. The rating action is driven by the liquidity pressure MEX II is facing and the likelihood of missing an upcoming payment on its sukuk. MEX II has a sukuk repayment of RM68.7 million due on April 29, 2021 against which it has a cash balance...

This article has been viewed 353 times.
Tuesday, Feb 09, 2021
Posted date: February 9, 2021MARC has downgraded its ratings on MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme to BBIS from BBBIS, and RM150.0 million Junior Bonds to B from BB. The ratings remain on MARCWatch Negative. Our rating actions are premised on the increasing likelihood that MEX II may not be able to put in place a liquidity facility that it had originally expec...

This article has been viewed 418 times.
Wednesday, Nov 18, 2020
MARC has downgraded MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme rating to BBBIS from AIS, and its RM150.0 million Junior Bonds to BB from BBB. The ratings remain on MARCWatch Negative.The ratings have been on MARCWatch Negative since May 2020 following insufficient progress with respect to MEX II’s 16.8-km Lebuhraya Putrajaya-KLIA highway project (MEX Extension) since the...

This article has been viewed 531 times.
Friday, Aug 21, 2020
MARC has extended its MARCWatch Negative placement on MEX II Sdn Bhd’s RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds. MARC had first placed the ratings on watch in May 2020 because of the company’s lack of sufficient progress with respect to its 16.8-km Lebuhraya Putrajaya-KLIA highway project (MEX Extension) and its inability to meet the project milestones since the...

This article has been viewed 373 times.
Friday, May 22, 2020
MARC has placed MEX II Sdn Bhd’s ratings on MARCWatch Negative due to developments arising from the insufficient progress on the construction of the 16.8-km Lebuhraya Putrajaya-KLIA expressway (MEX Extension) to meet the project milestones since the ratings were downgraded last year. The delay has led to the concessionaire seeking another extension of time (EOT) to complete construction and conc...

This article has been viewed 543 times.
Friday, Oct 18, 2019
MARC has lowered the ratings of MEX II Sdn Bhd’s RM1.30 billion Sukuk Murabahah Programme and RM150 million Junior Bonds Issuance from AA-IS and A- to AIS and BBB. The rating outlook remains negative. The ratings have been on negative outlook mainly due to rising completion risk. This was rooted in the increasing uncertainty related to the development of the 16.8-km Lebuhraya KLIA (MEX Ext...

This article has been viewed 850 times.