S&P assigns ETA BBB-

Standard & Poor's said it assigned its BBB- long-term corporate credit rating to ETA Group, the combination of ETA-Ascon group of companies and ETA-Star group of companies.

The outlook is stable.

According to S&P, the rating reflects the group's leading local market positions in cyclical and competitive industries, a growing and diversified earnings base, dependence on fast-growing markets in the United Arab Emirates and aggressive financial risk profile.

The rating includes a one-notch uplift to reflect implicit support from ETA's 52% ownership by and close relationship with the Al Ghurair family, the agency noted.

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