Moody's Investors Service has assigned a 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 business franchise, its low-risk and highly diversified insured portfolio and its strong capital base.
The Facility is to be underwritten by ING Bank NV. Ajman Sewerage (Private) Company Limited is a recently incorporated company that will design, build, commission and finance a wastewater treatment and disposal system for the city of Ajman in the United Arab Emirates and subsequently operate the system for the 25 year concession period.
