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Aldar Properties PJSC Dec 11
Standard & Poors, Dec 2011
Abstract
One of the largest property developers in Abu Dhabi. Close relationship with, and significant pipeline of work from, the government of Abu Dhabi. Track record of significant ongoing and extraordinary government support. Weak Abu Dhabi real estate market. Weak profitability track record. Highly leveraged financial profile. Weak liquidity position. The 'B' rating on Abu Dhabi-based property company Aldar Properties PJSC is based on our view of the company's stand-alone credit profile (SACP), which we assess at 'ccc+', plus two notches of uplift reflecting our opinion that there is a 'moderately high' likelihood that the government of the Emirate of Abu Dhabi (AA/Stable/A-1+) would provide timely and what we view to be sufficient extraordinary support to Aldar in the event of...
Companies mentioned in this report are: Aldar Properties PJSC,Sukuk Funding (No.2) Ltd.
Action: Review
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.
Research Type: Full Analysis
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