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Abu Dhabi-Based Aldar Properties 'B/B' Ratings Affirmed On Government Rescue; Off CreditWatch; Outlook Stable
Standard & Poors, March 2011
Abstract
Abu Dhabi-based property company Aldar Properties PJSC's capital structure is likely to strengthen following asset sales to the government and the issuance of a mandatorily convertible bond to the emirate's investment company, Mubadala. We are affirming our 'B/B' ratings on Aldar, removing them from CreditWatch developing, and assigning a stable outlook. We continue to add two notches of uplift to the stand-alone credit profile of 'ccc+' reflecting our expectation of a 'moderately high' probability of extraordinary government support. The outlook is stable as we expect the government to continue to support Aldar, enabling it to reach a stable operational and financial performance over the medium term. DUBAI (Standard & Poor's) March 21, 2011--Standard & Poor's Ratings Services affirmed its 'B/B'
Article Type:NEWS,RATING_ACTION
Companies mentioned in this report are: Aldar Properties PJSC,Sukuk Funding (No.2) Ltd.,Atlantic Finance Ltd.
Action: Affirmed
Action: Removed From CreditWatch
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