S&P rates Alpha Star sukuk BB-

S&P said it assigned its BB- issue rating to the about $400 million proposed senior unsecured sukuk trust certificates issued by Alpha Star Holding VII Ltd., incorporated as a limited liability company in the Dubai International Financial Centre.

The sukuk is expected to mature three years after the issuance. Damac Real Estate Development Ltd. (BB-/positive/--) a Dubai-based real estate developer, is the guarantor under the terms.

S&P expects proceeds of the sukuk to be used for refinancing of existing debt and for general corporate purposes.

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