Fitch Ratings has upgraded Jebel Ali Free Zone FZE's (JAFZ) Long-term Issuer Default Rating (IDR) to 'B+' from 'B' and removed it from Rating Watch Positive (RWP) where it was placed on 1 June 2012.
The Outlook is Stable. Fitch has also assigned JAFZ Sukuk (2019) Limited a senior secured rating of 'B+'/'RR4'.
The upgrade reflects the successful completion of the Sukuk offering and bank refinancing, which addresses the refinancing maturity of a Sukuk due in November 2012. Fitch notes that the final terms in the final documentation conformed materially to information already received.
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