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Fitch has assigned expected ratings to a $900 million securitisation that will help finance phase 1 of the Blue City (Al-Madinat al-Zarqa) residential and tourism resort. The transaction is an inter-company loan expected to close in July. Blue City Investments 1 is the issuer of a $720 million floating-rate note rated BBB- and a $180 million fixed-rate note rated BB. The notes mature in 2016. The ratings ‘address the timely payment of interest on the notes and the ultimate repayment of the principal by final legal maturity’, Fitch said.