- Language: English
- Published: December 2011
Summary: Majid Al Futtaim Holding LLC.
- ID: 1771523
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Dubai-based retail property company Majid Al Futtaim Holding LLC (MAF Group) reflect Standard & Poor's view of its high asset quality, a strong management team with a good track record of delivering successful green-field developments, a long-standing joint venture with international food retailer Carrefour S.A. (BBB+/Stable/A-2), and high operating cash flow. These strengths are mitigated by geographic concentration in the Emirate of Dubai (not rated), high exposure to development projects, an ambitious planned rollout of new hypermarkets in the next three years, and operations in countries that we consider as exposed to political instability, notably the Arab Republic of Egypt (foreign currency BB/Negative/B; local currency BB+/Negative/B) and Kingdom of Bahrain (BBB/Watch Neg/A-3). MAF Group had total Standard...
Companies mentioned in this report are: Majid Al Futtaim Holding LLC.
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