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UAE: MOODY'S ASSIGNS (P)A1 RATINGS TO JEBEL ALI'S PROPOSED GMTN PROGRAMME AND SUKUK.

IPR Strategic Business Information Database, November, 2007

Moody's Investors Service has assigned a (P)A1 rating to the proposed Global Medium Term Notes (GMTN) Programme to be issued by Jebel Ali Free Zone FZE (Jafz). The outlook is stable. Moody's has also assigned a (P)A1 rating to the proposed Sukuk al-Musharaka transaction to be issued by JAFZ Sukuk Limited (JSL).

The outlook is also stable. The rating actions follow Moody's recent announcement that Jafz had been assigned long term foreign and local currency issuer ratings of A1 with a stable outlook. Accordingly, Moody's regards both the GMTN Programme and the al-Musharaka Sukuk as senior unsecured obligations. Both ratings are provisional, in the case of the GMTN Programme subject to receipt of the final Offering Circular, and in the case of the Sukuk...

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