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S&P cuts Serba Diminik
S&P said it downgraded Serba Dinamik Holdings Bhd.’s issuer and guaranteed sukuks ratings to CC from CCC.
“We downgraded Serba Dinamik to reflect a heightened risk of default after the company missed a coupon payment of about $7 million on its $222 million outstanding sukuk due May 2022. According to the terms of the Sukuk agreement, the company has 30 days from the due date of Nov. 9, 2021, to pay the overdue coupon before an event of default is triggered,” S&P said in a press release.
“We understand Serba Dinamik intends to take necessary steps to fulfill the payment within the 30-day timeline stipulated under the agreement,” the agency added.
The outlook is negative.
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