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Rating Action:

Moody's Assigns (P)B1 rating to Emaar's USD2 billion sukuk (UAE)

Global Credit Research - 18 Jan 2011

NOTE: On July 30, 2012, the press release was revised as follows: In text and in the headline of the 18 January 2011 press release, revise the rating for the Emaar Sukuk Limited’s USD2 billion trust certificate programme to (P)B1 from B1. Revised release follows:

DIFC - Dubai, January 18, 2011 -- Moody's Investors Service has today assigned a (P)B1 rating to the USD2 billion trust certificate programme (or "sukuk") to be issued by Emaar Sukuk Limited ("ESL"), a special purpose vehicle of Emaar Properties PJSC ("Emaar"). The outlook is negative.

RATING RATIONALE

Moody's considers the sukuk, which follows the structure of an "Ijarah" transaction, as a senior unsecured obligation. The rating agency's assessment is based on (1) the ultimate obligation of Emaar to ensure that the pre-determined periodic distribution amount is always maintained; and (2) the existence of a purchase undertaking which implies that certificate holders ultimately rely on the creditworthiness of Emaar for repayment when the trust is dissolved. Certificate holders have no security, lien or pledge over any of the leased assets. Emaar Properties PJSC acts as servicing agent, lessee and ultimate obligor under the structure.

According to the terms of the sukuk, Emaar as the obligor will issue the securities through ESL. In the event of an issuance under the Programme, the certificate holders will pay the proceeds of the transaction to ESL, which will in turn pay an equivalent amount to Emaar under the purchase agreement for the leased assets. Certificate or sukuk holders will periodically earn a pre-determined amount reflecting the rent due in respect of the lease agreement.

Payment obligations of Emaar will be direct, unconditional, unsecured and general obligations of Emaar and rank at least pari passu with all other unsecured, unsubordinated and general obligations of Emaar. At maturity or upon a dissolution event, Emaar is required, by means of a purchase undertaking, to fully repay -- including any unpaid and accrued periodic distribution amount -- the certificates/sukuk. Programme documents are governed by English and UAE law.

Emaar currently has a corporate family rating (CFR) of B1 from Moody's. This rating is supported by the company's leading position in the regional real estate market, the increasing diversification of its cash flow base -- both internationally and towards recurring revenues -- and the expectation of a reduced exposure to the Dubai market over the medium term as well as a generally solid financial profile. Moody's notes that refinancing needs, execution risk and capital requirements of international operations constrain Emaar's ratings at the current level.

The negative outlook reflects refinancing risks that Emaar is facing over the coming 18 months. Moody's would consider stabilising the outlook if Emaar either terms out some of its short-term debt or repays it. Upgrade pressure on the B1 rating could emerge if Emaar establishes a solid track record in the collection of cash for presold units, and is able to sell property that it holds on its books.

Ratings could be downgraded in the event of delays in payments and sales impacting a reversal to free cash flow generation by 2011. A departure from current cash preservation policy and failure to roll over short-term lines associated with rapid cash depletion and a shift to a more speculative business model could also exert negative pressure on the rating.

The last rating action on Emaar was implemented on 27th April 2010, when Moody's assigned a corporate family rating and a probability of default rating (PDR) of B1 to Emaar with a negative outlook.

The principal methodology used in this rating was the "Government-Related Issuers: Methodology Update" published July 2010.

Emaar Sukuk Limited is a company incorporated in accordance with the laws of the Cayman Islands. It is a special purpose vehicle established for the sole purpose of issuing Trust Certificates, or sukuk, on behalf of Emaar Properties PJSC.

Based in Dubai, United Arab Emirates (UAE), Emaar Properties PJSC ranks as one of the largest real estate master developers in the GCC by sales and market capitalisation. The company's main shareholder is the government of Dubai, with an approximately 32% stake. In the first nine months of 2010, Emaar generated revenues of AED8.3 billion (USD2.3 billion).

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, confidential and proprietary Moody's Investors Service information.

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Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

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DIFC - Dubai
Martin Kohlhase
Asst Vice President - Analyst
Corporate Finance Group
Moody's Middle East Limited
Telephone: +971-44-01-9536

London
David G. Staples
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Middle East Limited
Gate Village 4, Level 3
P.O. Box 113355
DIFC - Dubai
UAE
Telephone: +971-44-01-9536

Moody's Assigns (P)B1 rating to Emaar's USD2 billion sukuk (UAE)
No Related Data.
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