Alpha Circle’s Ratings Placed on MARCWatch Negative: Malaysian Rating Corporation

Alpha Circle’s Senior Sukuk Musharakah of AIS and Junior Sukuk Musharakah of BBBIS is now on MARCWatch Negative, according to the Malaysian Rating Corporation (MARC). Previously, on the 11th of February 2021, MARC downgraded Alpha Circle’s MYR 160 million Senior Sukuk Musharakah to AIS from AA-IS, whilst the MYR 55 million Junior Sukuk Musharakah was lowered to BBBIS from AIS. The ratings outlook is Negative. 

Alpha Circle is a funding vehicle for NERS. NERS receives its payments based on the number of foreign workers permits issued or renewed (under a 12-year contract ending in 2023), typically within a period of two weeks of monthly billings. NERS has reported administrative delays on its billings from September 2020 through to December 2020.

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