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S&P rates Emaar certs BB
Standard & Poor's said it assigned a BB rating to the $500 million senior trust certificates to be issued by Emaar Properties PJSC (BB/negative). The recovery rating of 3 indicates expectation of 50% to 70% recovery.
A default would most likely result from a weakening of the economic environment leading to the company's inability to refinance maturing debt, the agency said.
S&P said that it assumes that a default will occur in 2014, presuming a refinancing of the existing revolving credit facility.
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