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". 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". Read also:Serba Dinamik says yet to receive default notice on its US$222 mil sukukSerba Dinamik planning to have own satellite in three and a half years — CEO

Source: The Edge Markets December 14, 2021 08:22 UTC