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GLOBAL MARKETS
A dual economy in the United States
The decline of nearly 3 per cent in the S&P 500 Index on November 7, the third daily decline of over 2.5 per cent in 14 trading days, came during a period in which investors have become increasingly concerned about sub-prime-related losses at financial firms. While the hope is that financial firms are trying to get as much of the bad news out in the third quarter, the continued decline in the ABX indexes that track mortgage related securities suggests that further losses may yet occur. But despite the weakness in the housing market and problems in the financial sector, other parts of the economy and the markets are doing fairly well. Here are some examples:

Eden Housing Limited
Sukuk: A, Outlook: Negative, REDG: PE-1
JCR-VIS Assigns Real Estate Developer Grading and Proposed Sukuk Rating to Eden Housing Limited
JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned preliminary medium to long term rating of A (Single A) to the proposed sukuks of Rs. 2 billion (with additional green shoe option of Rs. 1 billion) of Eden Housing Limited (EHL) with Stable outlook. In addition, JCR-VIS is assigning Real Estate Developer Grading of PE-1 - (PE One Minus) to the company. The preliminary sukuk rating will be converted into final rating on review of the signed legal documents incorporating the structure of the transaction.

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