MARC has placed its A+IS  rating on Ingress Sukuk Berhad’s (“Ingress”) RM160.0 million Sukuk Al Ijara Issuance Programme on MARCWatch Developing. The MARCWatch placement follows a recent confirmation from CIMB Trustee Berhad that a breach in the Debt to Equity Ratio had occurred based on Ingress’ audited accounts for the financial year ended 31 January 2007.

MARC understands that Ingress and CIMB Trustee Berhad are seeking bondholders’ decision on the aforesaid covenant violation and that a bondholders’ meeting would be convened for this purpose soon.

MARC is closely monitoring the developments and will assess their impact on the current rating. Any rating implications arising therefrom will be advised in due course.