MARC has downgraded Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF) (collectively known as Islamic Debt Facilities) ratings to D from B+ID/MARC-4ID as a result of a missed profit payment for the BaIDS on February 28, 2008. ICSB is principally an investment holding company and property develope...

MARC has placed its B+ID/MARC-4ID ratings on Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF) on MARCWatch Negative. The MARCWatch Negative placement indicates that the rating is under review for possible downgrade. The review was prompted by further deterioration in ICSB’s operating and ...

MARC has downgraded the ratings of Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF). The ratings on ICSB’s Series 1 BaiDS of RM20.0 million, Series 2 BaIDS of RM35.0 million and Series 3 BaIDS of RM55.0 million have been downgraded to B+ ID from BBB+ ID and BBB ID respectively; whilst the...

MARC has extended the MARCWatch Negative placement on the following ratings of Intelbest Corporation Sdn Bhd (“Intelbest”) which had been placed on MARCWatch Negative since 23 January 2007:RM20.0 million Series 1 BaIDS  BBB+IDRM35.0 million Series 2 BaIDS  BBBIDRM55.0 million Series 3 BaIDS  BBBIDRM50.0 million MUNIF  MARC-3 IDThe ratings remain on MA...

On 23 January 2007, MARC placed the following ratings of Intelbest Corporation Sdn Bhd’s (“Intelbest”) on MARCWatch Negative:RM20.0 million Series 1 BaIDS  BBB+IDRM35.0 million Series 2 BaIDS  BBBIDRM55.0 million Series 3 BaIDS  BBBIDRM50.0 million MUNIF  MARC-3 IDThe MARCWatch placement was premised on a shortfall in the amount in the Redemptio...

Pursuant to MARC’s announcement dated 12 February 2007, a bondholders’ meeting was held on 16 February 2007. MARC was made to understand from the issuer and the trustee that the bondholders have agreed to extend the repayment dates for the Primary BaIDS as follows:-Series 1 BaIDS – 30 September 2009;Series 2 BaIDS – 31 March 2010; and Series 3 BaIDS – 31 December 2010...

On 23 January 2007, MARC had placed Intelbest Corporation Sdn Bhd’s (“Intelbest”) RM110.0 million BaIDS and RM50.0 million MUNIF on MARCWatch Negative. Based on the trustee’s letters dated 29 January 2007 and 5 February 2007, the total amount to be maintained in the Redemption Account (“RA”) by 28 January 2007 is RM47.9 million for the redemption of the Series 1...

MARC had on 29 December 2006 placed Intelbest Corporation Sdn Bhd’s (“Intelbest”) RM50.0 million MUNIF on MARCWatch with developing outlook with regards to Abrar Discount Berhad’s (“Abrar”) announcement on Bank Negara Malaysia’s (“BNM”) instruction to Abrar to cease operations. However, MARC understands that the cessation of Abrar would not hav...

The ratings of Intelbest Corporation Sdn Bhd’s (“ICSB”) RM110.0 million Bai Bithaman Ajil Bonds (“BaIDS”) and RM50.0 million Murabahah Notes Issuance Facility (“MUNIF”) have been downgraded with a Developing Outlook as follows:Facility MUNIF Series 1 BaIDS Series 2 BaIDSSeries 3 BaIDSAmountRM50.0 millionRM20.0 millionRM35.0 millionRM55.0 millionPrevious RatingMARC-1 IDA+IDAIDAIDCurre...

MARC has assigned ratings of A+ID on Intelbest Sdn Bhd’s (“ISB”) RM20 million Series 1 BaIDS, AID on RM35 million Series 2 and RM55 million Series 3 BaIDS and MARC-1ID on its RM50 million MUNIF. The ratings reflect the strength of the issue structure, which includes the assignment of the redemption sum and progress billings of locked in sales and future sales for the purpose of the redemptio...