MALAYSIA: YNH Property said that it has remedied the technical default involving its Sukuk Wakalah program which led to a downgrade of the company’s rating by MARC Ratings, reported EdgeProp. The company also said that the balance for the second monthly payment due on the 26th April 2024 has been met by topping up the fund in the Segregated Portfolio Account.
IFN previously reported that MARC Ratings had extended its MARCWatch Negative placement on YNH Property’s Sukuk program following a rating downgrade to ‘BBB-IS’ from ‘BBB+IS’ following the company’s failure to deposit the second monthly payment of RM6.1 million (US$1.28 million) due on the 28th March 2024.
