Dubai-Based Majid Al Futtaim Holding LLC's Trust Certificate Program Assigned 'BBB' Rating Jan 12
Standard & Poors, January 2012
Abstract
DUBAI (Standard & Poor's) Jan. 9, 2012--Standard & Poor's Ratings Services said today that it assigned its 'BBB' issue rating to a US$1 billion trust certificate program to be launched by MAF Sukuk Ltd., a special purpose vehicle incorporated in the Cayman Islands. The program is unconditionally and irrevocably guaranteed by Dubai-based property company Majid Al Futtaim Holding LLC (MAF Group; BBB/Stable/A-2). We equalize the rating on the program with the long-term rating on MAF Group, reflecting our expectation that the obligations under the guarantee will rank pari passu with the company's other unsecured obligations. MAF Sukuk Ltd., as the issuer and trustee, will invest the proceeds of the trust certificates in Sharia-compliant assets for a period of time corresponding...
Companies mentioned in this report are: Majid Al Futtaim Holding LLC
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Majid Al Futtaim Holding LLC
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW4
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
