Moody’s assigns B1 rating to Emaar’s $2bn sukuk

  • Share via facebook
  • Tweet this
  • Bookmark and Share
There could be pressure to upgrade the B1 rating if Emaar establishes a solid track record in collection of cash for presold units and is able to sell property that it holds on its books

There could be pressure to upgrade the B1 rating if Emaar establishes a solid track record in collection of cash for presold units and is able to sell property that it holds on its books

Emaar Properties, the developer of the world’s tallest tower in Dubai, had its $2bn Islamic bond assigned a “B1” rating at Moody’s Investors Service. The outlook is negative.

“The negative outlook reflects refinancing risks that Emaar is facing over the coming 18 months,” the rating agency said in an emailed statement on Tuesday.

“Moody’s would consider stabilising the outlook if Emaar either terms out some of its short-term debt or repays it. Upgrade pressure on the B1 rating could emerge if Emaar establishes a solid track record in the collection of cash for presold units and is able to sell property that it holds on its books.”

Related:
Topics

Market Performance

Emaar Properties - UAE
9.7
0.18 1.89 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

1
Heading for a correction?

Heading for a correction?

Property prices may have held relatively steady in Lebanon during...

1
Most Discussed