Securitisation
Sun Finance
On September 11th 2008 Sun Finance, a newly established ring fenced subsidiary of Sorouh Real Estate PJSC issued AED4.016billion of bonds, supported by cash flows from plot sales on SHAMS Abu Dhabi and Saraya.
The bonds are rated by Moody's and S&P, with the rating shown in the below table:
|
Class |
Initial Capital Amount AED |
Moody's |
S&P |
Weighted average life |
Scheduled dissolution date |
|
Class A |
2,761,000,000 |
Aa3 |
A |
1.03 years |
January 2012 |
|
Class B |
251,000,000 |
A3 |
BBB+ |
2.08 years |
January 2012 |
|
Class C |
1,004,000,000 |
Baa3 |
BBB- |
2.56 years |
January 2012 |
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