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| MARC downgrades Englotech RM50m debt notes |
| Written by Joseph Chin | |||
| Friday, 27 March 2009 20:33 | |||
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KUALA LUMPUR: Malaysian Rating Corporation Bhd has downgraded Englotechs Holding Bhd’s RM50.0 million Murabahah Medium Term Note Programme (MMTN) rating to DID from BBID. MARC said on March 27 the rating action was based on the cotton glove manufacturer’s failure to meet its profit payment of RM1.7 million due on March 26 this year as confirmed by OSK Trustees Bhd. In connection with the missed profit payments, Englotechs was seeking an extension of time to meet its profit payment until April 30. “Irrespective of whether the extension is obtained, MARC considers a default to have occurred where the failure to make the scheduled payment is due to the issuer being under financial stress,” it said.
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