04.02.2011 - Emaar Properties senior unsecured US$500 mln trust certificates assigned 'BB' issue rating
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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