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Emaar Properties senior unsecured US$500 mln trust certificates assigned ‘BB’ issue rating

Posted on 04 February 2011

From Bi-me.com: Standard & Poor’s Ratings Services said today that it assigned its ‘BB’ issue rating to the US$500 million senior unsecured trust certificates to be issued by United Arab Emirates-based property company Emaar Properties PJSC (Emaar; BB/Negative/–) under the Trust Certificates Program launched by Emaar Sukuk Ltd., a special-purpose vehicle incorporated in the Cayman Islands.
At the same time, we assigned a recovery rating of ‘3′ to the trust certificates, indicating our expectation of meaningful (50%-70%) recovery for trust certificate holders in the event of a payment default. We base our recovery prospects on a discrete asset valuation……………………………………….Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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