Moody's assigns Emaar Malls Baa2

Moody's Investors Service said it assigned a Baa2 long term issuer rating to Emaar Malls Management LLC. The outlook is negative. There is no action on the Baa2 rating of the $750 million trust certificates due in 2024 issued by EMG Sukuk Ltd.

Concurrently, the agency withdrew Emaar Malls PJSC's Baa2 rating and negative outlook following the merger with Emaar Properties PJSC.

On Nov. 22, Emaar Properties PJSC and Emaar Malls PJSC announced the completion of a merger through a share swap. As a result, Emaar Malls PJSC is no longer listed. Emaar Properties previously owned 84.6% of Emaar Malls.

Emaar Properties PJSC assumed Emaar Malls’ assets and liabilities and dissolved Emaar Malls, the agency said. Emaar Malls’ business has been reconstituted into a new wholly owned subsidiary of Emaar Properties, Emaar Malls Management LLC, which became the new obligor of the $750 million of trust certificates due 2024.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.