"Standard & Poor's Ratings Services said today that it had assigned its 'BB+' issue rating to the proposed, optionally deferrable, and deeply subordinated hybrid capital securities to be issued by Dubai-based retail property company Majid Al Futtaim Holding LLC (MAF Holding; BBB/Stable/A-2) 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.
We understand 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 MAF group's capitalization.
We consider 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 our hybrid capital criteria in terms of their subordination, permanence, and optional deferability during this period."
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