KUALA LUMPUR (Oct 4): MARC Ratings has revised the MARCWatch status on Zetrix AI Bhd (KL:ZETRIX) to “negative” from “developing”, citing heightened concerns over transparency, governance and “continued unavailability of material information required for an informed assessment of its credit profile”.

“Despite repeated requests, key information remains outstanding, including details on the substantial increase in borrowings and the allocation and utilisation of sizeable development expenditure,” MARC Ratings said in a statement Sunday.

MARC Ratings said its concerns “have been further exacerbated by recent adverse developments, including the resignation of the company’s external auditor, reported payment arrears and the suspension of certain operating activities”.

Before being placed on MARCWatch in in September 2026, Zetrix AI’s Islamic medium-term notes programme of up to RM2 billion was rated AA-IS.

“The revision to MARCWatch Negative reflects the increased likelihood of a rating downgrade,” the rating agency said, adding that the MARCWatch status “will remain in place pending the receipt of sufficient information and satisfactory clarification of the issues identified”.

“Should the required information continue to be unavailable, or prove inadequate to support a reliable credit assessment, MARC Ratings may suspend the rating and subsequently withdraw it,” it added.