Moody’s has affirmed Emaar Properties’ long-term rating of Baa3 and three unsecured premium sukuk maturing in 2026, 2029 and 2031 respectively. The agency has affirmed the same credit rating on the medium-term bond program of Emaar Sukuk Company Limited, a subsidiary of Emaar Properties.
The agency revised its outlook on all of the aforementioned ratings from negative to stable, explaining that the ratings were fixed on the back of strong financial performance achieved by Emaar Properties in the previous several quarters, which reflects the improvement in the macroeconomic outlook for the Emirate of Dubai as a whole, in addition to the improvement working conditions The real estate sector in the emirate. He added that the change in the outlook for Emaar Properties’ ratings from negative to stable reflects the company’s strong earnings for 2021 and the period since 2022.
Source: El Iktisad
