Wednesday 9 May 2012

Moody's changes Jafza's outlook to developing from negative | Alrroya

Moody's Investors Service today changed the outlook to developing from negative for the Corporate Family (CFR) and Probability of Default Rating (PDR) of Jebel Ali Free Zone FZE ("Jafza") and affirmed the B2 CFR and PDR as well as the B2 rating for Jafza's November 2012 certificates issued by Jafza Sukuk Limited.

The change in outlook follows the announcement on May 2 of a consent solicitation inviting the holders of the Dh7.5 billion ($2.0bn) certificates to adopt a resolution to amend the certificates' conditions allowing for a redemption ahead of the November 2012 maturity and a trust dissolution coordinated with a financing package currently under negotiation.

The outlook change signals Moody's view that Jafza has taken positive steps in addressing its November 2012 sukuk maturity that could remove some rating constraints factored into the current B2, especially liquidity risk, if finalised.

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