MARC has withdrawn its ‘CID‘ rating on Tracoma Holdings Berhad’s (Tracoma) proposed RM100 million Restructured Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) programme and reinstated its ‘DID‘ rating on Tracoma’s defaulted BaIDS. The rating agency notes that since the assignment of the preliminary rating to the restructured debt instrument in Novemb...

MARC has issued a rating update on its CID rating on Tracoma Holdings Berhad’s (Tracoma) RM100 million Restructured Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) following Tracoma’s announcement on March 2, 2010 that it had become an affected listed issuer pursuant to Bursa Malaysia Securities Berhad’s (Bursa Malaysia) Practice Note 17 (PN17).Based on Tracoma’s f...

MARC has assigned a CID rating to Tracoma Holdings Bhd's (Tracoma) proposed RM100 million Restructured Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS).  The Restructured BaIDS will be issued in connection with Tracoma's debt restructuring plan which involves its existing BaIDS holders. Accordingly, MARC has withdrawn its D rating on Tracoma’s existing RM100 million BaIDS which ...

MARC has downgraded the rating of automotive parts supplier Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to DID from CID. The rating action reflects Tracoma’s failure to redeem its first BaIDS series of RM50 million based on the original scheduled maturity on January 28, 2009, as confirmed by the BaIDS’ Trustee, Pac...

MARC has downgraded the rating of automotive parts supplier Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to CID from BID to reflect our expectation that no payment will be made on its first BaIDS series of RM50 million maturing on January 28, 2009. Concurrently, we have placed the lowered rating on MARCWatch Negative. Since our...

MARC has downgraded the long-term rating of Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BID from BB+ID. At the same time, Tracoma’s rating was removed from MARCWatch Negative where it had been placed since July 25, 2008. The rating now carries a negative outlook. The downgrade reflects heightened concerns over Tracoma...

MARC has downgraded Tracoma Holdings Berhad’s (Tracoma or the company) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) long-term rating to BB+ID from BBB+ID. The rating remains on MARCWatch Negative. The downgrade reflects the company’s tight liquidity position and limited financial flexibility, exacerbated by weaker-than-expected cash flow generation as indic...

MARC has placed its BBB+ID rating (negative outlook) on Tracoma Holdings Berhad’s (“Tracoma” or “the Group”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Negative. The MARCWatch Negative placement reflects heightened concerns about Tracoma’s ability to make a RM25 million scheduled payment into the principal service rese...

MARC has downgraded the rating of Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from A ID to BBB+ ID with a negative outlook. The rating downgrade is underpinned by the current negative domestic automotive industry outlook reflecting weak industry fundamentals which MARC believes will have an adverse impact on Trac...

MARC has placed Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on MARCWatch with a Negative Outlook. This is premised on Tracoma’s delay (in accordance with the Terms and Conditions of the BaIDS) to deposit the monthly built up in the Profit Service Account (PSA) required for the upcoming profit ...