MARC Affirms Alpha Circle’s Sukuk Musharakah Ratings; Revises Outlook to Negative

Malaysian Rating Corporation (MARC) has affirmed its ratings on Alpha Circle’s MYR 540 million Senior Sukuk Musharakah and MYR 55 million Junior Sukuk Musharakah at AA-IS and AIS respectively, while revising the ratings outlook to Negative from Stable. According to MARC the current outstanding of Senior Sukuk is MYR 160 million and Junior Sukuk is MYR 55 million.

Alpha Circle acts as a funding vehicle for Malaysia’s National Foreigners Enforcement and Registration System (NERS), which is a contractor that has undertaken the registration of foreign nationals entering and leaving the country, and receives a MYR 50 payment for each work permit issued or renewed by a foreign worker. The guaranteed payment stream...