MARC has removed its AAIS rating on DRIR Management Sdn Bhd’s Senior Class A Sukuk Ijarah MTN

MARC (May 18, 2011): 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.

However, MARC continues to maintain its AA-IS rating on DRIRM’s RM160 million Class B Sukuk Ijarah MTN on MARCWatch Negative pending noteholders’ approval to convert the notes into non-publicly traded notes.

MARC expects to withdraw its rating on the Class B Sukuk upon receipt of notice of request for rating withdrawal from the issuer and confirmation that the aforementioned consent has been obtained.

Full report: www.marc.com.my