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MARC has withdrawn its DIS ratings on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah Programme with immediate effect following the full redemption of the sukuk and cancellation of the programme on July 2, 2010, as confirmed by its facility agent, HSBC Bank Malaysia Berhad. Contacts: Sabesh Parameswaran, 03-2090 2260/ sabesh@marc.com.my; Francis Xaviour Joe, 03-2090 2279/ fxjoe@ma...
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MARC has issued this rating update in connection with Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah pursuant to a confirmation received from its facility agent that approval has been obtained from the sukukholders for a further six-month extension of the redemption date of the first tranche of the sukuk programme to July 9, 2010 from January 9, 2010. The redemption dates for the...
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MARC has downgraded its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah to DIS from CIS. ISB is the funding vehicle of Ingress Corporation Berhad (Ingress). The rating of DIS reflects ISB’s failure to meet its first tranche sukuk payment of RM50 million in full based on the original scheduled maturity on July 9, 2009. ISB has confirmed that it has made a partial pa...
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MARC has downgraded its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah to CIS from BB-IS. The rating remains on MARCWatch Negative. ISB is the funding vehicle of Ingress Corporation Berhad (Ingress). The rating action is based on ISB’s decision to postpone RM45.0 million of the RM50.0 million upcoming first tranche sukuk payment due on July 9, 2009 for six months....
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MARC has lowered its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to BB-IS from BBB-IS. The lowered rating remains on MARCWatch Negative. ISB is a wholly-owned funding vehicle of auto parts manufacturer, Ingress Corporation Berhad (Ingress). Since MARC’s downgrade of ISB’s sukuk rating on March 31, 2009, ISB has failed to make a RM25 million paymen...
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MARC has lowered its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to BBB-IS from A-IS and maintains the lowered rating on MARCWatch Negative where it had been first placed on July 28, 2008. ISB is a wholly-owned funding vehicle of auto parts manufacturer, Ingress Corporation Berhad (Ingress). The downgrade considers Ingress’ insufficient liquidity resour...
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MARC has downgraded its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to A-IS from AIS. ISB is a wholly-owned funding vehicle of Ingress Corporation Berhad (Ingress). The rating remains on MARCWatch Negative where it had first been placed on July 28, 2008. The downgrade incorporates the deteriorating liquidity position and declining profitability of Ingress and...
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MARC’s long-term rating of AIS on Ingress Sukuk Berhad’s (Ingress) RM160 million Sukuk Al Ijarah (Sukuk) remains on MARCWatch Negative, where it had been placed on July 28, 2008 following the company’s failure to remedy the non-compliance with certain financial covenants of the Sukuk. The Sukukholders had earlier granted a six-month extension of the remedy period subject to sever...
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MARC has revised its MARCWatch placement on Ingress Sukuk Berhad’s (Ingress or the company) RM160 million Sukuk Al Ijarah Issuance to MARCWatch Negative from Developing following Ingress’ failure to rectify the breach in certain financial covenants under the Ijarah Agreement. MARC has been informed by Ingress that the remedy period granted by the Sukukholders up to July 26, 2008 ...
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MARC’s AIS rating on Ingress Sukuk Berhad’s (Ingress) RM160 million Sukuk Al Ijarah Issuance Programme, remains on MARCWatch Developing following an extension of the remedy period given to Ingress until July 26, 2008, to resolve a breach in certain financial covenants under the Ijarah Agreement. Notwithstanding, MARC acknowledges the Sukukholders’ rights of acceleration und...
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