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MARC has withdrawn its rating of A+IS on DRB HICOM Berhad’s RM1.8
Billion Islamic Medium-Term Notes Programme. The rating withdrawal follows the
early redemption of the outstanding amount of RM1.8 billion on December 12 and
subsequent cancellation of the programme on December 16, 2019, as confirmed by
the facility agent.
MARC’s analytical coverage on DRB HICOM is now limited to the
fo...
This article has been viewed 759 times.
MARC has removed its AA-IS rating on DRIR Management Sdn Bhd’s (DRIRM) RM160 million Class B Sukuk Ijarah Medium Term Notes (sukuk) from MARCWatch Developing and withdraws its rating with immediate effect. The rating withdrawal follows the full redemption of the sukuk on December 30, 2011, as confirmed by the facility agent. The rating was placed on MARCWatch Developing on September 30, 2011...
This article has been viewed 1035 times.
MARC has withdrawn its AAIS rating on DRIR Management Sdn Bhd’s (DRIRM) Senior Class A Sukuk Ijarah Medium Term Notes (Sukuk) following the full redemption of the remaining outstanding RM40 million principal amount of Sukuk on June 28, 2011. MARC’s AA-IS rating on DRIRM’s RM160 million Class B Sukuk remains on MARCWatch Developing pending the completion of the proposed refinancin...
This article has been viewed 1145 times.
MARC has changed its MARCWatch status of its AA-IS rating on DRIR Management Sdn Bhd’s (DRIRM) RM160 million Class B Sukuk to Developing from Negative. The change in MARCWatch status follows recent action taken by a shareholder to restore DRIRM’s finance service coverage ratio (FSCR) to a level commensurate with its current rating. The rating was originally placed on MARCWatch in Septe...
This article has been viewed 968 times.
MARC has removed its AAIS rating on DRIR Management Sdn Bhd’s (DRIRM) Senior Class A Sukuk Ijarah Medium Term Notes (MTN) from MARCWatch Negative pending the forthcoming June 2011 redemption of the remaining outstanding RM40 million principal amount of the MTNs. DRIRM will redeem the notes with cash from its Debt Service Reserve Account (DSRA) which is sufficiently funded for the purpose. Ho...
This article has been viewed 996 times.
MARC REVISES MARCWATCH STATUS OF DRIR MANAGEMENT SDN BHD’S SUKUK RATINGS TO NEGATIVE FROM DEVELOPING
MARC is revising the MARCWatch status of its AAIS and AA-IS ratings on DRIR Management Sdn Bhd’s (DRIRM) RM180 million Class A and RM160 million Class B Sukuk Ijarah facilities respectively to negative from developing. The ratings were initially placed on MARCWatch Developing on September 21, 2010 pending the completion of a proposed refinancing of the Sukuk. MHS Aviation Berhad (MHSA), the ...
This article has been viewed 975 times.
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. 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 obligations...
This article has been viewed 950 times.
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 ...
This article has been viewed 1017 times.
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...
This article has been viewed 1064 times.