KUALA LUMPUR (Dec 14): Fitch Ratings has downgraded Malaysia-based energy service provider Serba Dinamik Holdings Bhd's long-term issuer default rating to "RD" (restricted default) from "C".
In a statement on Monday (Dec 13), Fitch said the downgrade follows the expiry of the 30-day grace period after the non-payment of the coupon on the group's US$222 million (about RM939.35 million) senior unsecured sukuk due in 2022.
It said potential cross-acceleration clauses in its other debt may be triggered by the non-payment of the 2022 notes.
“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,” it said.
At the same time, Fitch affirmed the ratings of the May 2022 sukuk issued by SD International Sukuk Ltd and the sukuk due March 2025 issued by SD International Sukuk II Ltd at "C", with the recovery rating remaining at "RR4".
Obviously pump and dump, people who think Karim resignation is good for the company go figure what the company was like before he took over KPOWER in 2019, all negative and reds...and now he handed back KPOWER to them
Total no of securities after change Direct (units) 82,648,412
karim still has shares, he needs money for his mother company serbadk. i agree karim was the reason why serbadk / scib / kpower to rise in share price and he was its downfall as well. at that time he manage to bring in projects for the company
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
calvintaneng
56,717 posts
Posted by calvintaneng > 2021-12-14 10:12 |
Post removed.Why?