Blog yOur Mind

ISB’S RM160 MILLION SUKUK RATING DOWN TO “D” FROM “C”

Posted on: July 15, 2009


By (Correcting graf 2, shld rd: RM50 million) Bernama – Tuesday, July 14

KUALA LUMPUR, July 13 (Bernama) — Ingress Sukuk Bhd’s (ISB) RM160 million Sukuk Al Ijarah has been downgraded from C(IS) to D(IS) by Malaysian Rating Corporation Bhd (MARC).

The rating reflects ISB’s failure to meet its first tranche sukuk payment of RM50 million in full based on the original maturity on July 9, a statement from MARC said here today.

ISB, the funding vehicle of Ingress Corporation Bhd (Ingress), has confirmed that it has made a partial payment of RM5 million on July 9.

The balance payment of RM45 million has been deferred to January 9, next year to allow the group to complete its group-wide restructuring plan.

MARC said the rating will remain at D(IS) until the deferred payments are fully met on the Sukuk, given that no event of default has been declared with respect to the Sukuk and the redemption dates for the second and final tranche remains unchanged at July 9, 2010 and July 8, 2011 respectively.

MARC said they expect to withdraw ISB’s rating upon completion of Ingress group’s debt restructuring programme.– BERNAMA

PNAA SD

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

WHEN NOTHING GOES RIGHT, go left

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 55 other followers

DISH MENU

PREVIOUS MENU

CASHIER COUNTER

  • 270,493 UFOs
%d bloggers like this: