MARC today placed the DID rating of MOCCIS Trading Sdn. Bhd’s (MTSB) RM50 million Al-Bai Bithaman Ajil Debt Securities on MARCWatch with developing implications. On 24 June 2000, MTSB had failed to make a scheduled payment of RM2.9 million on its maturing Secondary Notes. Upon the receipt of notification from the Trustee that an event of default had occurred pursuant to Clause 7(a) of the Trust...

Malaysian Rating Corporation Berhad (MARC) announces that it has lowered MOCCIS Trading Sdn Bhd’s (MTSB) RM50 million Al-Bai Bithaman Ajil Islamic debt securities rating to DID. The rating had earlier been put on MARCWatch with negative implications. The rating reflects MTSB’s failure to make timely scheduled payment on the instrument issued under the Islamic-financing contract. ...