Fitch downgrades Serba Dinamik

Fitch Ratings said it downgraded Serba Dinamik Holdings Bhd.'s (SDHB) long-term issuer default rating to D from RD.

“The D IDR reflects Fitch's view that the Kuala Lumpur High Court's decision to appoint an interim liquidator to control the company's affairs until a permanent liquidator is confirmed constitutes the beginning of the winding-up process,” the agency said in a press release.

Concurrently, Fitch said it withdrew the issuer’s ratings because the company has decided to stop participating in the process.

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