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Fitch affirms Majid Al Futtaim Holding's ratings at 'BBB'; outlook stable

Fitch affirms Majid Al Futtaim Holding's ratings at 'BBB'; outlook stable
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UAE - Mubasher: Fitch Ratings has affirmed the long-term issuer default rating (IDR) and senior unsecured rating of the UAE-based Majid Al Futtaim Holding at 'BBB', with a stable outlook.

The ratings are attributed to Majid Al Futtaim Properties' (MAFP) portfolio of 29 shopping centres and 13 hotels, which generates over two-thirds of the group's earnings before interest, tax, depreciation, and amortisation (EBITDA), according to a recent press release.

MAFP's EBITDA increased by about 6% year-on-year (YoY) in the first half (H1) of 2021, as sales began to rebound, and the signs of recovery are showing in the second half (H2) of 2021.

The rating agency forecasts UAE real growth of around 1.8% in 2021, with non-oil rising by 3.5%, driven by the vaccination rollout and government stimulus programmes.