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...

MARC has lowered its rating on Ingress Sukuk Berhad’s RM160 million Sukuk Al Ijarah Issuance to AIS from A+IS, and removed it from MARCWatch Developing. The outlook for the rating is stable. The downgraded rating reflects Ingress Corporation Berhad’s (“Ingress” or “the Group”) deteriorating profitability and the breach of its debt-to-equity covenant, resulting f...

MARC has affirmed Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijara Issuance at A+IS with stable outlook; reflecting Ingress Corporation Berhad’s (“Ingress” or “the Group”) track record as one of the leading local automotive component manufacturers with a relatively diversified customer base and geographical distribution, and its fairly strong financia...

The rating affirmation of Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah Issuance at A+ID is underpinned by Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer base and geographical distribution; and its fairly strong financial profile. Moderating factors, however, include the vuln...

The A+ID rating assigned to Ingress Sukuk Berhad’s (ISB) Sukuk Al Ijarah Issuance reflects Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer and geographical distribution; and above average financial results characterized by its favourable operating profit margin. Moderating factors include...