Abu Dhabi – Mubasher: Moody's Investors Service has assigned a ‘Baa1’ rating to proposed senior unsecured sukuk to be issued by Aldar Sukuk, a unit of Aldar Investment Properties in the Cayman Islands. The company is a subsidiary of Abu Dhabi-based Aldar Properties.
The international rating agency also gave the sukuk a stable outlook, Moody's said in a statement released on Monday
This issuance’s proceeds “will be used to partially compensate Aldar Properties for the assets transferred into its Investment unit, and can be used by Aldar to fund the tender offer of $750 million sukuk due in December,” Moody's assistant vice president Lahlou Meksaoui said.
Earlier today, Aldar Investment Properties, a 100%-owned subsidiary of Aldar Properties, unveiled plans to issue five- to ten-year fixed rate US dollar-denominated sukuk.
Moody's Investors Service also assigned a ‘Baa1’ issuer rating to Aldar Investment Properties on 12 September.
