MARC has downgraded M-Trex Corporation Sdn Bhd’s (M-Trex) RM48.0 million Islamic Commercial Papers (ICPs) rating to DID from MARC-3ID arising from its failure to redeem RM30 million of the Notes due on May 7, 2009 by way of conversion into a term loan as planned earlier. Concurrently, MARC removed M-Trex’s rating from MARCWatch Negative where it had been placed on February 24, 2009 to ...

MARC has placed M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating on its RM60.0 million Islamic Commercial Paper (ICP) Programme on MARCWatch Negative due to the significant refinancing risk that is associated with the company’s plans to redeem the outstanding ICPs of RM48 million by second quarter 2009. The MARCWatch Negative placement also highlights M-Trex’s failure to pro...

MARC has removed M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating  on its Islamic Commercial Paper Programme (ICP) from MARCWatch Negative and affirmed the MARC-3ID  rating with a negative outlook. The negative outlook primarily reflects increased refinancing risk associated with the company’s proposed refinancing of the ICP, which was earlier targeted for completion bef...

M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating for its RM60.0 million Islamic Commercial Paper Programme (ICPs) remains on MARCWatch Negative where it had been placed since September 14, 2007 following a delay in the completion of its proposed refinancing of the ICPs.The rating was first placed on MARCWatch Negative on September 14, 2007 due to M-Trex’s slow progress in resolvin...

M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating on its RM60.0 million Islamic Commercial Paper Programme (ICPs) remains on MARCWatch Negative where it had been placed on September 14, 2007. MARC is unable to resolve the MARCWatch placement as the resolution of covenant breaches is contingent on the restructuring of its existing borrowings which is expected to be completed only in early...

MARC has placed the MARC-3ID rating on M-Trex Corporation Sdn Bhd (M-Trex)’s RM60.0 million Islamic Commercial Paper Programme (ICPs) on MARCWatch Negative upon completion of its annual review on M-Trex, due to a number of unresolved issues with the potential for continued uncertainty. The MARCWatch Negative reflects slow progress in resolution of covenant breaches relating to M-Trex’s...

MARC has downgraded the short term rating of M-Trex Corporation Sdn Bhd’s (MCSB) 7 year RM60 million Islamic Commercial Paper Programme (ICPs) from MARC-2ID to MARC-3ID with a negative outlook.  The downgrade is premised on risks associated with MCSB’s recent acquisition of M-Trex Carbon Sdn Bhd (MTC) and M-Trex Galvanised Steel Sdn Bhd (MGS) utilising the proceeds from the ICPs a...

MARC had on 7 April 2006 placed  the rating of the above issue on MARCWatch with a Negative Outlook. The action resulted from M-Trex’s failure to provide the necessary information for MARC to carry out its first annual surveillance review. Arising from MARC’s surveillance of the issue it has come to our attention that M-Trex is currently in breach of provisions under the Facility ...

MARC has placed M-Trex Corporation Sdn Bhd’s (“M-Trex”)’s RM60.0 million Murabahah Commercial Paper on MARCWatch with a Negative Outlook. The initial rating at MARC-2 ID was assigned in September 2004. The action is based upon M-Trex’s failure, despite numerous requests, to provide the necessary information for MARC to carry out its first annual surveillance review. M-Trex is an investm...

MARC has assigned a short term rating of MARC-2ID to M-Trex Corporation Sdn Bhd’s (MCSB) proposed 7-year RM60 million Islamic Commercial Paper Programme under the financing principle of Murabahah. The rating is premised on MCSB’s position as the leading local manufacturer of anodised aluminium panels for the mid to high end audio video equipment market, exclusive agency rights to distribute ca...