Through MAF Retail LLC (MAFR), MAF is also one of the most active retailers in
the region, with the exclusive franchise for Carrefour S.A. ('BBB'/Stable) in
the Middle East, covering 19 countries mainly in MENA and central Asia. MAFR
currently operates 44 hypermarkets across 11 countries and 38 "Carrefour market"
stores. The hypermarkets are lodged in a joint venture (JV) with Carrefour SA,
75% of which is owned by MAFR and the remaining 25% by Carrefour SA. In its
analysis, Fitch de-consolidates MAFR from group results but takes into
consideration the likely sustainable dividend paid by MAFR to its JV owners.
As at February 2012 MAF had over AED7.7bn of liquidity (cash + available lines),
of which AED6bn is at the level of MAFH and MAFP. Fitch also notes that in 2011
and 2012 MAF has improved MAF's maturity profile to an average of four years. In
2011 MAF Group was able to refinance USD1.5bn of maturities due in 2012.
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