Standard & Poor's Rating Services said it has assigned its 'A-' long-term senior unsecured debt rating to a proposed issue of sukuk al-ijara certificates denominated in United Arab Emirates dirham and that the ratings are equalized with the long-term ratings on United Arab Emirates-based property developer Aldar Properties PJSC.
This reflects limited contractually senior liabilities and structural subordination issues. Aldar's future lending is expected to be on an unsecured basis, the rating agency said.
S&P has 'A-/A-2' ratings with a stable outlook on Aldar, and said the corporate credit ratings on Aldar reflect its strong market position in the rapidly growing Abu Dhabi property development market, large land bank, close relationship with the government in project planning, and growing investment property portfolio.
This reflects limited contractually senior liabilities and structural subordination issues. Aldar's future lending is expected to be on an unsecured basis, the rating agency said.
S&P has 'A-/A-2' ratings with a stable outlook on Aldar, and said the corporate credit ratings on Aldar reflect its strong market position in the rapidly growing Abu Dhabi property development market, large land bank, close relationship with the government in project planning, and growing investment property portfolio.
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