SpaceX's Dragon vessel is set to dock with the ISS today around 2130 GMT
Abu Dhabi’s largest real estate developer said earlier in May it had no immediate plans to sell bonds after it unveiled plans to meet fixed-income investors.
The company said it had selected Barclays Capital, Goldman Sachs International, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank to arrange the investor meetings.
The Abu Dhabi government and a raft of state-linked firms have already issued bonds this year as they look to boost financial resources to meet an aggressive infrastructure programme and become more transparent for investors.
Meanwhile, Standard & Poor’s Ratings Services said on Tuesday that it had assigned its ‘A-’ long-term senior unsecured debt rating to the proposed senior unsecured notes of benchmark size to be issued by Jersey-registered special purpose vehicle Atlantic Finance Ltd., and which will be guaranteed by Aldar Properties.
“The rating on the notes is equalised with the long-term rating on Aldar, reflecting our view that the notes will rank pari passu with Aldar’s other senior unsecured debt, limited contractually senior liabilities, and limited structurally subordinated issues. Aldar’s future lending is expected to continue to be on an unsecured basis,” the rating agency said in a statement.
The corporate credit ratings on Aldar reflect the group’s strong market position in the Abu Dhabi property development market, large land bank, close relationship with the government in project planning, and growing investment property portfolio, the
agency added.
Constraining rating factors include huge funding needs for project development, high debt levels, softening in the Abu Dhabi real estate market in the near term, construction risk, and the group’s limited operating history, the S&P statement said.
— With inputs from Reuters
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