The ratings are in line with the UAE-based Majid Al Futtaim’s (MAF) long-term issuer default rating (IDR) and senior unsecured rating of BBB.
Tuesday 14, May 2019 BY KUDAKWASHE MUZORIWA
Fitch Ratings has assigned its BBB rating of MAF’s $600 million green Sukuk issued under the company’s $1.5 billion trust certificate issuance programme.
The recently placed Sukuk, which was priced at 4.6 per cent, will mature in May 2029 and the proceeds from the issuance will be used to finance or refinance a portfolio of eligible green projects.
MAF appointed HSBC and Standard Chartered as global coordinators for the planned deal, they are working as bookrunners along with Abu Dhabi Islamic Bank, Dubai Islamic Bank as well as ENBD Capital, First Abu Dhabi Bank and Gulf International Bank.