S&P keeps Ajman Sewerage on watch

Standard & Poor's said the BB rating on the $100 million senior secured bank loan issued by Ajman Sewerage (Private) Co. Ltd. remained on CreditWatch, where it was placed with negative implications on Sept. 22.

"The CreditWatch placement reflects continued uncertainty surrounding the date of the actual completion of construction works as well as the level of drawdown under the government of Ajman construction bank guarantee," S&P analyst Karim Nassif said in a statement.

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