MARC has placed its AAIS senior and AA-IS subordinate debt ratings for DRIR Management Sdn Bhd’s (DRIRM) Class A and Class B Sukuk Ijarah on MARCWatch Developing pending completion of a proposed refinancing of the Sukuk. The seller-lessee in the Sukuk Ijarah's underlying sale and leaseback transaction and sister company, MHS Aviation Berhad (MHSA), is seeking to restructure its lease obligat...

MARC has affirmed the ratings of DRIR Management Sdn Bhd’s (DRIRM) RM180 million Class A and RM160 million Class B Sukuk at AAIS and AA-IS respectively. The outlook on the ratings is maintained at stable. The ratings for both classes are premised on the continued strong cash flows generated on MHS Aviation Berhad’s (MHSA) service contracts which back its lease rental obligations under ...

Under this Ijarah transaction, DRIR Management Sdn. Bhd. (DRIRM), will issue RM180.0 million Class A and RM160.0 million Class B Sukuk Ijarah Medium Term Notes (MTN) under a Sukuk Ijarah MTN Programme of up to RM850.0 million, the proceeds of which will be used to acquire 12 helicopters from its related company, MHS Aviation Berhad (MHSA) and refinance borrowings previously taken to acquire four h...