KUALA LUMPUR: MARC Ratings has downgraded Zetrix AI Bhd’s RM2 billion Islamic Medium-Term Notes Programme to a default rating of DIS after the company failed to settle an outstanding RM25 million payment due today.
In a statement, the rating agency said the downgrade followed its earlier decision to lower Zetrix AI’s rating to CIS on Oct 30.
“Accordingly, MARC Ratings will no longer provide analytical coverage on Zetrix AI,” it said.
The development comes amid mounting financial and corporate governance concerns surrounding the company, including its outstanding payment obligations and regulatory scrutiny.
On Oct 30, MARC Ratings downgraded Zetrix AI’s sukuk rating to CIS from BB+IS, citing heightened uncertainty over the company’s ability to resolve a breach of its sukuk covenant.
The breach involved a requirement for Zetrix AI founder and group managing director Wong Thean Soon to remain the company’s single largest shareholder.
The company had yet to remedy the breach or secure a waiver from sukukholders following an unsuccessful meeting on Oct 23.
Separately, Bursa Malaysia today directed Zetrix AI to address the non-payment of its 2025 final dividend by Nov 23, and disclose material information concerning its financial position and governance issues by Nov 11.