S&P rates MAF Global notes BBB

Standard & Poor's said that it assigned a BBB rating to a $2 billion global medium-term note program launched by MAF Global Securities Ltd.

Notes issued under the program will be guaranteed on a joint and several basis by property company Majid Al Futtaim Holding LLC (BBB/stable/A-2) and Majid Al Futtaim Properties LLC.

Majid Al Futtaim intends to use the proceeds of the notes to be issued under the program for general corporate purposes.

The ratings reflect the group's high asset quality, a strong management team with a good track record of delivering successful greenfield developments, a long-standing joint venture with international food retailer Carrefour SA(BBB+/stable/A-2) and high operating cash flow, the agency said.

The ratings consider geographic concentration in the Emirate of Dubai, high exposure to development projects, an ambitious planned rollout of new hypermarkets in the next three years and operations in countries exposed to political instability, the agency added.

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