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| :
: Free Zones in the UAE |
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Hamriyah Free Zone
Authority [HFZA] |
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| Fitch assigns stable outlook
rating to HFZA |
Fitch Ratings has affirmed Sharjah-based company
Hamriyah Free Zone Authority's (HFZA) ratings at
Long-term Issuer Default (IDR) "BBB+" with a stable
outlook and Short-term IDR "F2".
The ratings reflect a relatively strong relationship
between HFZA and Sharjah, using Fitch's parent and
subsidiary rating linkage methodology.
The rating of HFZA is linked but not aligned to
Fitch's assessment of Sharjah's sovereign credit
quality, said a statement.
The ratings primarily reflect HFZA's close links to
Sharjah, including Sharjah's direct 100 per cent
ownership of HFZA and representation in HFZA's
management, the provision of free land by Sharjah
and the moderate strategic importance of the free
zone to Sharjah's economy.
"Therefore, Fitch believes that Sharjah would
directly or indirectly support HFZA, in case of
need. This is a key component of the ratings," it
said.
On a standalone basis, the financial profile of the
HFZA would likely warrant a lower rating than the
one assigned. The ratings are supported by HFZA's
strong standalone credit profile, reflecting
moderate forecast leverage and stable income base.
The latter is based on the relatively mature rental
portfolio, coupled with long lease terms, low
vacancy rates and low speculative development.
The ratings are limited by HFZA's exposure to
cyclical end-markets particularly in the current
challenging market conditions, a lack of
high-quality, blue-chip tenants when compared to its
global peers. |
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Courtesy Arab
Media Group
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Hot
properties in UAE - Freehold |
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