Emirates Trading Agency's credit facility rated 'BBB-'
Standard & Poor's Ratings Services said yesterday that it assigned its 'BBB-' long-term rating to the $300 million unsecured credit facility of Emirates Trading Agency LLC, a fully owned subsidiary of Dubai-based industrial conglomerate ETA Group (BBB-/Stable/--). ETA Group is the combination of ETA-Ascon group of companies and ETA-Star group of companies.
The original borrowers under the facility are Emirates Trading Agency, Associated Construction and Investments Co. LLC (Ascon), and ETA Star Holdings Ltd. Jebel Ali. The loans under the facility will be guaranteed by material subsidiaries and affiliates of the borrowers, corresponding to at least 75 per cent of total EBITDA of ETA group. The facility has been rated at the same level as the corporate credit rating on ETA, reflecting the upstream guarantees and the implicit support factored into ETA's rating from its 52 per cent owner, the Al Ghurair family. Source
The original borrowers under the facility are Emirates Trading Agency, Associated Construction and Investments Co. LLC (Ascon), and ETA Star Holdings Ltd. Jebel Ali. The loans under the facility will be guaranteed by material subsidiaries and affiliates of the borrowers, corresponding to at least 75 per cent of total EBITDA of ETA group. The facility has been rated at the same level as the corporate credit rating on ETA, reflecting the upstream guarantees and the implicit support factored into ETA's rating from its 52 per cent owner, the Al Ghurair family. Source
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