Standard & Poor's Ratings Services affirmed its 'B/B' long- and short-term corporate credit ratings on Abu Dhabi-based property company Aldar Properties PJSC (Aldar). At the same time, we removed the ratings from CreditWatch, where they had been placed with developing implications on Jan. 18, 2011. The outlook is stable.
The issue rating on the $1.25 billion 8.75% senior unsecured bonds due May 2014 and AED3.75 billion of al-ijarah sukuk due June 2013 has been affirmed at 'B', the same as the long-term corporate credit rating on Aldar. We have assigned a recovery rating of '4' to both of these debt issues, indicating Standard & Poor's expectation of average (30%-50%) recovery in the event of a payment default.
The senior unsecured bonds were issued by Atlantic Finance Ltd. and the sukuk al-ijarah certificates were issued by Sukuk Funding (No.2) Ltd.
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