MARC downgrades Tanjung Langsat Port’s sukuk, notes programme

The new rating of Tanjung Langsat Port Sdn Bhd's sukuk musyarakah bonds and RM135mil musyarakah commercial papers/musyarakah medium-term notes programme (MCP/MMTN) by Malaysian Rating Corp Bhd (MARC) is lower than the previous one. It was downgraded from A-IS and MARC-2ID/A-ID to BBB+IS and MARC-3ID/BBB+ID respectively. The downward change in rating is a reflection of the company's continuous losses and weak cashflow due to a delay in the commencement of its port operation.

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