Research Update: Abu Dhabi-Based Aldar Properties PJSC 'B+/B' Ratings Affirmed After Potential Merger News; Outlook Positive Feb 13
- Language: English
- Published: February 2013
We are publishing our recovery analysis on Abu Dhabi-based property company Aldar Properties PJSC (Aldar) and the $1.25 billion 10.75% senior unsecured notes due May 2014, issued by Atlantic Finance Ltd. and guaranteed by Aldar, and the UAE dirham (AED) 3.75 billion al-ijarah sukuk due June 2013, issued by special purpose vehicle Sukuk Funding (No.2) Ltd. We have based our analysis on a discrete asset valuation. Our simulated default scenario contemplates a weakening of the general economic environment, leading to reduced free cash flow generation and an inability for Aldar to refinance its maturing debt in 2013. We have assigned a recovery rating of '4' to the instruments, reflecting average (30%-50%) recovery for creditors. The ratings are constrained by our...
Companies mentioned in this report are: Aldar Properties PJSC
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Research Type: Full Analysis
Aldar Properties PJSC