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MARC has withdrawn Hytex Integrated Berhad’s (Hytex) ratings of MARC-4ID/B+ID for business reasons. MARC’s last rating action was on July 28, 2010 when the notes were downgraded from MARC-3ID/BBB-ID to MARC-4ID/B+ID. As such, MARC will no longer provide analytical coverage on the MUNIF/IMTN facility which Hytex is currently restructuring.Contacts: Jason Kok, 03-2090 2258/ jason@marc.co...
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MARC has downgraded its ratings on Hytex Integrated Berhad’s (Hytex) RM100.0 Million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes (MUNIF/IMTN) to MARC-4ID/B+ID from MARC-3ID / BBB-ID. Its rating outlook has been revised to negative from developing. The rating action follows Hytex’s partial deferment of an interest payment on a collateralised loan obligation...
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MARC has downgraded its ratings on Hytex Integrated Berhad’s (Hytex) RM100 Million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) to MARC-3ID / BBB-ID from MARC-2ID / A-ID. The rating carries a developing outlook. The downgrade reflects the current strain on the apparel maker’s liquidity stemming from weaker industry fundamentals, recent ope...
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MARC has affirmed the ratings of apparel manufacturer Hytex Integrated Berhad’s (Hytex) RM100.0 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium-Term Notes (MUNIF/ IMTN) at MARC-2ID /A-ID. Concurrently, MARC has revised the rating outlook to negative from developing.Hytex’s revised rating outlook reflects MARC’s view that while contract manufacturing orders ...
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MARC is issuing this rating update in connection with its MARC-2ID /A-ID ratings on HIB’s RM100.0 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes. Following MARC’s affirmation of the ratings on 14 November 2007 and revision of its ratings outlook to developing from stable, HIB was not able to restore its debt leverage and liquidity measures by end-Janu...
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MARC has removed the MARC-2ID /A-ID ratings of HIB’s RM100.0 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes (MUNIF/ IMTN) from MARCWatch Negative and reaffirmed the ratings. The reaffirmed ratings reflect MARC’s expectations of improvements in HIB’s operating performance with its newly commissioned integrated plant in China. The developing outlo...
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MARC has placed the MARC-2 ID /A- ID ratings of Hytex Integrated Berhad’s (HIB) Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) of up to RM100.0 million on MARCWatch Negative. The MARCWatch placement reflects rising debt levels which have resulted in a debt to equity ratio of 1.49 times that is close to the covenanted cap of 1.50 times and could lead to ...
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MARC has downgraded the long-term ratings of Hytex Integrated Berhad’s (“HIB”) Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (“MUNIF/IMTN”) of up to RM100.0 million from AID to A-ID and affirmed the short term rating at Marc-2 with stable outlook. The revision of the long-term rating to A-ID reflects the declining financial profile arising f...
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MARC has assigned short and long term-ratings of MARC-2ID and AID respectively to Hytex Integrated Berhad’s (“HIB”) Murabahah Underwritten Notes Issuance Facility /Islamic Medium-Term Notes (“MUNIF/IMTN”) of up to RM100.0 million. The ratings reflect the group’s profile as an integrated garment manufacturer; long established relationship with a major international sports brand and supe...
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