MARC downgraded Zetrix AI's RM2bil IMTN to DIS
KUALA LUMPUR: MARC Ratings has downgraded Zetrix AI Bhd's RM2 billion Islamic Medium-Term Notes Programme to a default rating of DIS after the company failed to settle an outstanding RM25 million payment due today.
KUALA LUMPUR: Leading ratings agency MARC Ratings has reduced Zetrix AI Bhd's Islamic Medium-Term Notes Programme, worth RM2 billion, to a default rating of DIS after the firm missed a RM25 million payment due today. The downgrade follows a previous downgrade to CIS on October 30. MARC Ratings will no longer offer analysis on Zetrix AI.
The downgrade follows mounting financial and corporate governance issues, including outstanding payments and regulatory concerns. On October 30, MARC Ratings had previously lowered Zetrix AI's sukuk rating from BB+IS to CIS due to uncertainty over the company's ability to resolve a breach of its sukuk covenant, which required the founder and group managing director to be the largest shareholder.
The company has not yet remedied the breach or obtained a waiver from shareholders following a failed meeting on October 23. Bursa Malaysia has also instructed Zetrix AI to resolve a non-payment of its 2025 final dividend by November 23 and disclose critical financial and governance information by November 11.
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