YNH’s sukuk wakalah rating downgraded

KUALA LUMPUR: MARC Ratings has removed YNH Property Bhd’s Islamic Medium-Term Notes Programme (sukuk wakalah) rating from MARCWatch Negative placement and concurrently downgraded the rating to BBIS.

“The rating had been on negative watch since Jan 18, 2024, precipitated by YNH’s weak financial position, delayed asset disposals and material issues concerning its key shareholder that have compounded the challenges the group has been facing to address its weakening credit profile,” MARC said in a statement.