MARC has lowered its ratings on Boon Koon Group Bhd’s (Boon Koon) RM100 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) to MARC-3ID/BBB-ID from MARC-2ID/A-ID, and removed the ratings from MARCWatch.  The downgrade reflects Boon Koon’s weakened financial profile stemming from a period of very challenging industry conditions, its limited financial flexibilit...

MARC has affirmed the ratings of geosynthetic manufacturer, Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) at AID/MARC-2ID. At the same time, the rating outlook has been revised to developing from stable.The outlook revision is due to EKIB’s increased business risk exposur...

MARC has downgraded its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah to DIS from CIS. ISB is the funding vehicle of Ingress Corporation Berhad (Ingress). The rating of DIS reflects ISB’s failure to meet its first tranche sukuk payment of RM50 million in full based on the original scheduled maturity on July 9, 2009. ISB has confirmed that it has made a partial pa...

MARC has downgraded its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah to CIS from BB-IS. The rating remains on MARCWatch Negative. ISB is the funding vehicle of Ingress Corporation Berhad (Ingress). The rating action is based on ISB’s decision to postpone RM45.0 million of the RM50.0 million upcoming first tranche sukuk payment due on July 9, 2009 for six months....

MARC has revised its outlook on the ratings on Goodway Integrated Industries Berhad’s (Goodway) RM80 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) of MARC-2ID/AID to negative from developing. The rating outlook revision takes into account Goodway’s gearing covenant breach and MARC’s expectation that the company's gearing would remain elevated in...

MARC has revised its outlook on its ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) to developing from stable. Concurrently, MARC has affirmed its MARC-2ID/AID ratings on the MUNIF/IMTN programme. The revised rating outlook reflects MARC’s concern about Premium Nutrients’ ...

Boon Koon Group Bhd’s (Boon Koon) MARC-2ID/A-ID ratings on its RM100 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) programme remain on MARCWatch Negative where they had been first placed on February 25, 2009 in response to its breach of debt to equity ratio covenant.  The MARCWatch Negative status highlights Boon Koon’s weak liquidity position and strained ...

MARC has downgraded M-Trex Corporation Sdn Bhd’s (M-Trex) RM48.0 million Islamic Commercial Papers (ICPs) rating to DID from MARC-3ID arising from its failure to redeem RM30 million of the Notes due on May 7, 2009 by way of conversion into a term loan as planned earlier. Concurrently, MARC removed M-Trex’s rating from MARCWatch Negative where it had been placed on February 24, 2009 to ...

MARC’s AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIDS) Programme remains on MARCWatch Negative pending finalisation of our ongoing rating review. The BaIDS had been placed on MARCWatch Negative on February 3, 2009 due to concerns over the financial impact of the shutdown of Antara’s Labuan-based Hot Brique...

MARC has withdrawn its MARC-2/ A ratings on Priceworth Wood Products Berhad’s RM160 million Commercial Papers/ Medium-Term Notes Programme (Facility) with immediate effect, following confirmation from the facility agent, RHB Investment Bank Berhad, of an early cancellation of the Facility on April 10, 2009, ahead of its original maturity date on May 11, 2012.Contacts: Hafizan Haron, 03-2090 ...