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S&P upgrades Aldar
Standard & Poor’s said it raised the long-term corporate credit rating on Aldar Properties PJSC to BB+ from BB.
The outlook is stable.
The agency also said it affirmed the short-term corporate credit rating at B.
S&P also said it raised the rating on the $750 million 4.348% senior unsecured sukuk certificates due December 2018 to BB+ from BB issued by Aldar subsidiary Sukuk Funding (No. 3) Ltd.
The recovery rating on the sukuk certificates remains at 3, indicating 50% to 70% expected default recovery.
The upgrades follow Aldar’s strengthening of its financial risk profile, which is assessed as significant compared with previous assessments as aggressive, S&P said.
The upgrades also consider that the rating on Aldar continues to benefit from two notches of uplift above the company’s stand-alone credit profile, owing to government support, the agency said.
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