S&P keeps Ajman Sewerage USD 100m loan at BB, hikes outlook.

(ADPnews) - Mar 18, 2011 - S&P on Thursday upheld its BB rating on the USD 100 million (EUR 71m) senior secured bank loan issued by Ajman Sewerage (Private) Co Ltd, a sewerage project finance firm based in the Emirate of Ajman.

The agency also improved the outlook on the debt issue to "stable" from "negative".

The finalisation of the project restructure and the actual construction completion by the set deadline of January 11, 2011 prompted the outlook upgrade, S&P said.

The "stable" outlook further reflects revenue growth, collection rates and project liquidity exceeding the service's initial projections.

S&P now expects improved visibility on the project's medium-term financial profile and financial outcomes that will be above project covenants.

Rating agency website: www.standardandpoors.com