Serba Dinamik Rating Lowered to RD from C by Fitch

Malaysia-based Serba Dinamik Holdings (Serba Dinamik) has had its long-term issuer default rating lowered to restricted default (RD) from C by Fitch Ratings (Fitch). In a statement on the 13th of December 2021, Fitch said that the downgrade came after the 30-day grace period on Serba Dinamik's USD 222 million (approximately MYR 939.3 million) senior unsecured Sukuk due in 2022 lapsed due to non-payment of the coupon.

Why it Matters?

The 'RD' rating indicates an issuer that in Fitch's opinion has experienced an uncured payment default, but has not entered into bankruptcy filings and has not ceased operating. Meanwhile, on the 13th of December 2021, Serba Dinamik announced that it has received no notice of default in relation to its outstanding USD 222...