MARC has placed Ingress Sukuk Berhad’s (Ingress) RM160.0 million Sukuk Al Ijara Issuance Programme (Sukuk) rating of AIS on MARCWatch Developing following Ingress’ announcement dated April 10, 2008 to Bursa Malaysia in response to a  notice by CIMB Trustee Berhad for non-compliance of financial covenants under the Sukuk issuance. According to the Ijarah Agreement, Ingress is required to rectify its non-compliance of covenants within three months from the date of the notice.

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