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Article: Stable outlook for Ajman Sewerage (Private).
- Article from:
- Middle East and North Africa Business Report
- Article date:
- March 29, 2006
CopyrightCOPYRIGHT 2006 Middle East and North Africa Business Report. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mar. 29--Moody's Investors Service has assigned an Aaa rating to the USD 100 million, 20 year amortising loan facility (the "Facility") raised by Ajman Sewerage (Private) Company Limited. The outlook is stable. This is the first time Moody's has assigned a rating to this Issuer. The Aaa rating is based solely on the unconditional and irrevocable guarantee of the principal and interest by Ambac Assurance UK Limited (Aaa insurance financial strength rating), pursuant to a financial guarantee policy. The Aaa insurance strength rating of Ambac Assurance UK Limited is based on the strong support by its parent, Ambac Financial Group Inc. whose own Aaa rating reflects its strong ...
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