Thursday 04, November 2010 by

MARC affirms its ratings on IJN Capital's $67.7 million Sukuk Musyarakah Programme

IJN Capital is a special purpose funding entity wholly-owned by IJN Holdings. The rating on the Sukuk, which will be maturing in 2011 through 2013, incorporates a single notch uplift from the senior unsecured debt rating for IJN Group based on the structural protection afforded by a revenue reserve account that currently captures 20 per cent of all payments received from the government in respect of patient receivables. Funded at MYR 73.2 million ($23.7 million) as at end-August 2010, the reserve account balance is sufficient to cover Sukuk redemptions through 2012.

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