Credit Update: IJM Corporation_22 Apr 2015

Credit Update: Undeterred by MARC’s Negative Outlook

·         IJM's credit fundamentals remain intact and supportive of AA3/AA- rating, in our view, despite MARC's negative outlook.

·         We maintain our stable outlook on IJM, concurring with RAM's recent reaffirmation of rating and outlook.

·         We recommend buying on dips, if any.

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