Moody's assigns Baa1 rating to Aldar’s sukuk

Moody's Investors Service on Monday assigned a Baa1 rating to the proposed senior unsecured sukuk certificates to be issued by Aldar Sukuk Ltd., a special purpose vehicle established in the Cayman Islands by Abu Dhabi-based Aldar Investment Properties LLC.

The outlook on the rating is stable, Moody's said in a statement. 

"The proceeds from this issuance will be used to partially compensate Aldar Properties PJSC for the assets transferred in to Aldar Investments, which in turn will be used by Aldar Properties PJSC to fund the tender offer of their $750 million sukuk due in December 2018 which is being run in parallel," said Lahlou Meksaoui, a Moody's Assistant Vice President - Analyst.