S&P rates Dubai Investments notes BB+

S&P said it assigned a preliminary BB+ rating and 3 recovery rating to the dollar-denominated benchmark size sukuk trust certificates that Dubai Investments Park Development Co. LLC plans to issue via DIP Sukuk 2 Ltd.

The proceeds will be used for general corporate purposes, including the repayment of an existing sukuk due Feb. 20, S&P said.

The preliminary BB+ rating for the proposed sukuk reflects that the transaction fulfils the five conditions of the criteria for rating sukuk, the agency said.

The 3 recovery rating reflects an expectation of 50% to 70% expected default recovery.

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