S&P assigns BB- to Alpha Star sukuk

S&P said it assigned a BB- issue rating to the $200 million sukuk trust certificates issued by Alpha Star Holding VI Ltd., incorporated as a limited liability company in the Dubai International Financial Centre.

The sukuk is due on May 7, 2025, with the option for Damac Real Estate Development Ltd. to call it on any date after Feb. 7, 2025.

The BB- issue rating reflects Damac’s guarantee and that the transaction fulfills the five conditions of the agency’s criteria for rating sukuk, the agency said.

The proceeds will be used for refinancing debt.

The outlook is stable.

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