Standard & Poor's Ratings Services has assigned Dubai-based retail property company Majid Al Futtaim Holding (MAF Group) its 'BBB/A-2' long- and short-term corporate credit ratings with a stable outlook.

The ratings agency also assigned long- and short-term GCC regional scale ratings of 'gcA+/gcA-1' for the company.

"The ratings on MAF Group reflect our view of its high asset quality, a strong management team with a good track record of delivering successful green-field developments, and high operating cash flow," said Standard & Poor's credit analyst Tommy Trask in a statement.

"These strengths are mitigated by geographic concentration, high development exposure, rapid rollout of new hypermarkets, and political instability in some countries, notably in Egypt and Bahrain," he added.

MAF Group had total S&P's adjusted debt of Dh12.1 billion on December 31, 2010.

MAF Group owns ten large shopping centers, including four super regional malls, across the Middle East with four additional centers under various stages of development.

It operates 37 Carrefour hypermarkets across 11 countries through a joint venture with France-based international food retailer Carrefour (BBB+/Stable/A-2), the world's second-largest food retailer.

"The stable outlook reflects our expectation that the performance of MAF Group's Dubai-based assets will compensate for weaker performances in Egypt and Bahrain in 2011," Trask added.-TradeArabia News Service