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S&P rates Emaar Malls Management BB+
S&P said it assigned Emaar Malls Management LLC a BB+ rating.
The agency said it transferred Emaar Malls PJSC’s BB+ rating to Emaar Malls Management after parent Emaar Properties PJSC bought the company's 15% free float in a noncash transaction and Emaar Malls was delisted from the Dubai stock exchange and merged with its parent. All of Emaar Malls PJSC’s assets and liabilities were transferred to Emaar Malls Management.
The BB+ rating on EMG Sukuk Ltd.’s sukuk remains BB+. EMG is now a unit of Emaar Malls Management.
“We align the rating on EMM with our BB+ rating on its parent Emaar Properties PJSC because we consider EMM a core subsidiary; its stand-alone credit profile (SACP) is bbb-,” S&P said in a press release.
The outlook is stable.
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