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Prospect News home > News index > List of issuers D > Headlines for Damac Real Estate Development Ltd. > News item |
S&P rates Alpha Star sukuk BB-
S&P said it assigned its BB- issue rating to the about $400 million proposed senior unsecured sukuk trust certificates issued by Alpha Star Holding VII Ltd., incorporated as a limited liability company in the Dubai International Financial Centre.
The sukuk is expected to mature three years after the issuance. Damac Real Estate Development Ltd. (BB-/positive/--) a Dubai-based real estate developer, is the guarantor under the terms.
S&P expects proceeds of the sukuk to be used for refinancing of existing debt and for general corporate purposes.
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