Zetrix AI placed on negative MARCWatch over governance concerns
MARC Ratings said missing information and recent adverse developments had increased the likelihood of a rating downgrade.
MARC Ratings on Oct 4 changed Zetrix AI Bhd’s MARCWatch classification from “developing” to “negative”, saying it lacked information needed to assess the company’s credit profile. The agency cited growing concerns about governance and transparency.
The agency said repeated requests had not yielded key details explaining a substantial rise in borrowings or how sizeable development expenditure had been allocated and used. It also cited the departure of the company’s external auditor, reports of payment arrears and the suspension of some operating activities as developments that compounded its concerns.
Zetrix AI’s Islamic medium-term notes programme, for up to RM2 billion, held an AA-IS rating before the company was put on MARCWatch in September 2026. MARC Ratings said the negative watch classification signalled a greater likelihood of a downgrade.
The agency said the watch would continue until it received adequate information and satisfactory explanations. If the information remained unavailable or could not support a reliable assessment, it may suspend the rating before withdrawing it.
