MARC has placed Ingress Sukuk Berhad’s (Ingress) RM160.0 million Sukuk Al Ijara Issuance Programme (Sukuk) rating of AIS on MARCWatch Developing following Ingress’ announcement dated April 10, 2008 to Bursa Malaysia in response to a  notice by CIMB Trustee Berhad for non-compliance of financial covenants under the Sukuk issuance. According to the Ijarah Agreement, Ingress is requi...

MARC has lowered its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah Issuance to AIS from A+ IS, and removed it from MARCWatch Developing. The outlook for the rating is stable. The downgraded rating reflects Ingress Corporation Berhad’s (“Ingress” or “the Group”) deteriorating profitability and the breach of its debt-to-equity covenant, resu...

Ingress Sukuk Berhad’s (Ingress) A+IS rating on its RM160.0 million Sukuk Al Ijara Issuance Programme remains on MARCWatch Developing pending the completion of MARC’s annual rating review. The rating has been placed on MARCWatch Developing since July 30, 2007 as a result of a breach in the Debt to Equity Ratio according to the Ijarah Agreement dated 1 July 2004. MARC expects to complet...

MARC has placed its A+IS  rating on Ingress Sukuk Berhad’s (“Ingress”) RM160.0 million Sukuk Al Ijara Issuance Programme on MARCWatch Developing. The MARCWatch placement follows a recent confirmation from CIMB Trustee Berhad that a breach in the Debt to Equity Ratio had occurred based on Ingress’ audited accounts for the financial year ended 31 January 2007. MARC under...

MARC has affirmed Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijara Issuance at A+IS with stable outlook; reflecting Ingress Corporation Berhad’s (“Ingress” or “the Group”) track record as one of the leading local automotive component manufacturers with a relatively diversified customer base and geographical distribution, and its fairly strong financial ...

The rating affirmation of A+ID on Ingress Sukuk Berhad’s (ISB) RM160.0 million Sukuk Al Ijarah Issuance is underpinned by Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer and geographical distribution; and its fairly strong financial profile. Moderating factors, however, include the vulnerability of ...

MARC has assigned a rating of A+ID (A plus, Islamic Debt) to Ingress Sukuk Berhad’s (ISB) proposed RM160.0 million Sukuk Al Ijarah Issuance. ISB was incorporated by its holding company, Ingress Corporation Berhad (Ingress), as a special purpose vehicle to facilitate the execution of the sale and leaseback of Ingress’ identified assets for the Sukuk Al Ijara Issuance. The assigned rating reflec...