MARC has removed its MARC-2/A ratings on Axis Incorporation Berhad’s (Axis) RM100.0 million Commercial Papers/Medium Term Notes Programme (CP/MTN) from MARCWatch Developing and withdrawn the ratings with immediate effect. The rating actions follow written confirmation from RHB Investment Bank Berhad of the full redemption and cancellation of the facility today, 22 January 2008.

The ratings had been placed on MARCWatch Developing on 27 November 2007 following Axis’ proposed refinancing of the CP/MTN facility.

Axis is involved in the garment and textile industry, with businesses in knitting and dyeing of fabrics, garment manufacturing and the trading of yarn and fabrics. It has knit and dye operations in Johor; OEM (original equipment manufacturing) contract manufacturing partnerships with manufacturers in Vietnam and Cambodia; and a trading arm based in Singapore.