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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.
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).
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, confidential and proprietary Moody's
Investors Service information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
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DIFC - Dubai
Asst Vice President - Analyst
Corporate Finance Group
Moody's Middle East Limited
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
Moody's Assigns (P)B1 rating to Emaar's USD2 billion sukuk (UAE)
Gate Village 4, Level 3
P.O. Box 113355
DIFC - Dubai
No Related Data.
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