MARC has lowered the rating on Ace Polymers (M) Sdn Bhd’s (“Ace”) RM70 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) from ‘BBB- ID’ to ‘D ID’. The rating of “D” reflects Ace’s failure to make scheduled payment on the RM10 million Primary BaIDS due on September 14, 2007. Ace was placed on MARCWatch Negative on ...

MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd (“ACE”) from A- ID to BBB- ID in respect of its RM70 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”). Concurrently, MARC has also placed ACE’s rating on MARCWatch Negative. Under the BaIDS’ trust deed dated 6 September 2004, ACE is required to make a deposit amounting to RM12.55 million in...

MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from A ID to A- ID with a stable outlook. The rating downgrade is underpinned by the prevailing negative outlook of the domestic automotive industry arising from continued dismal vehicle sales performance coupled with increasingly stringent approval require...

MARC has affirmed the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The affirmation reflects Ace’s status as a Tier-1 supplier to the local automotive industry; its improving financials and an issue structure that prioritizes payments relating to the BaIDS over operating expenses. The rating is, however, moderated by the co...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Ace Polymers (M) Sdn Bhd’s (Ace) proposed RM70.0 million Bai’ Bithaman Ajil Islamic Debt Securities. The assigned rating reflects Ace’s status as one of the Tier-1 suppliers to the local automotive industry; strong financial results characterized by its favourable operating profit margin and sufficient cash flow coverage and an issu...