Fitch rates Majid Al Futtaim notes BB+

Fitch Ratings said it assigned Majid Al Futtaim Holding LLC's proposed benchmark-size subordinated perpetual hybrid notes an expected rating of BB+(EXP).

The proposed notes qualify for 50% equity credit.

Proceeds will be used to refinance Majid Al Futtaim’s existing 2013 hybrid notes and for general corporate purposes.

Fitch said the proposed notes are rated two notches below Majid Al Futtaim’s BBB long-term issuer default rating given their coupon deferral and deep subordination, which result in higher non-performance and lower recovery prospects in a liquidation or bankruptcy scenario relative to senior obligations.

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