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S&P assigns 'AAA' rating to Ajman Sewerage loan
DUBAI — Standard & Poor's Ratings Services said yesterday it assigned its 'AAA' long-term guaranteed debt rating, and its 'BBB' long-term underlying debt rating to Ajman Sewerage (Private) Co. Ltd.'s $100 million senior secured bank loan, due 2026. The outlook on the underlying rating is stable.
In addition, a recovery rating of '3' has been assigned to the debt, indicating Standard & Poor's expectation of meaningful recovery of principal (in the range of 50 per cent-80 per cent) in the event of a default.
Ratings were assigned following receipt and satisfactory review of all final transaction documentation, including legal opinions.
The 'AAA' rating reflects the irrevocable, unconditional guarantee of timely scheduled payments by Ambac Assurance UK Ltd. (AAA/Stable).
Ajman Sewerage is using the proceeds of the loan to fund the construction of a sewerage collection system and treatment plant in the Ajman Emirate in the United Arab Emirates.
The underlying 'BBB' rating reflects a range of factors, including the ongoing exposure of revenues to potentially slow collection rates for connection fees; moderately weak covenants; and an evolving legal framework for projects in the Emirate of Ajman, with no track record of enforceability of security.
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