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 several conditions including completion of a refinancing scheme by December 26, 2008. MARC understands that Ingress has made some progress on its refinancing plan, initiated earlier to facilitate full redemption of the Sukuk.

MARC will remove Ingress’ AIS rating from MARCWatch and withdraw the rating once the Sukuk is successfully refinanced. In the event Ingress fails to refinance the Sukuk by December 26, 2008, the rating could be lowered several notches.

Contacts:
Hafizan Haron 03-2090 2238/ hafizan@marc.com.my;
Nor Azlina Abdullah, 03-2090 2256/ norazlina@marc.com.my.