TEXT-MARC places Boon Koon's ratings on negative

Newswire

(The following statement was released by the rating agency) KUALA LUMPUR, Feb 26 - Malaysian Rating Corp (MARC) has placed Boon Koon Group Bhd's (Boon Koon) short- and long-term ratings of MARC-2ID/A-ID on its 100 million ringgit Islamic Commercial Papers/ Islamic Medium Term Notes (ICP/IMTN) on MARCWatch Negative following a debt-to-equity covenant breach based on its unaudited balance sheet as at December 31, 2008 (FY2008). At end FY2008, the group's debt-to-equity ratio had risen to ...

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