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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Market Moves more

MARC downgrades Vastalux Capital’s Sukuk Musyarakah rating to BB+IS

Posted on 27 September 2010

From Bernama: Malaysia Rating Corp Bhd (MARC) has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah facility to BB+IS from A+IS and placed it on MARCWatch Negative.
VCSB is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux), incorporated for the purpose of issuing the Sukuk Musyarakah, largely to fund its working capital in relation to oil and gas service contracts awarded by the Petronas group, the rating agency said……………………………………….Full Article: Source

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