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Dubai-Based Majid Al Futtaim Holding LLC's Trust Certificate Program Assigned 'BBB' Rating Jan 12
Standard & Poors, January 2012
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
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Majid Al Futtaim Holding LLC