S&P rates Majid Al Futtaim hybrids BB+

Standard & Poor's said it assigned a BB+ rating to the proposed, optionally deferrable and deeply subordinated hybrid capital securities to be issued by Majid Al Futtaim Holding LLC through MAF Global Securities Ltd. and unconditionally and irrevocably guaranteed on a joint and several basis by MAF Holding and Majid Al Futtaim Properties LLC.

The instruments are perpetual.

The agency said it understands that the transaction currency is U.S. dollars and the volume of the hybrid capital securities is subject to market conditions, but will not exceed 15% of the group's capitalization.

S&P said it considers the proposed hybrid capital securities to have intermediate equity content until their first call dates, which are not expected to be before 2018, because they meet the hybrid capital criteria in terms of subordination, permanence and optional deferability during this period.

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