Abu Dhabi – Mubasher: Moody's Investors Service has assigned a Baa1 issuer rating to Aldar Investment Properties, a subsidiary of Aldar Properties.
Earlier on Wednesday, Aldar Properties announced the creation of the region’s largest diversified real estate investment company with over AED 20 billion ($5.4 billion) in assets.
"Aldar Investments' Baa1 rating reflects the high quality recurring revenue asset portfolio, with a stable tenant base and occupancy rates, which partially offsets its geographic concentration risk in the Emirate of Abu Dhabi" Moody's assistant vice president and analyst Lahlou Meksaoui commented.
The recent rating is reflecting the new company’s strong market position in Abu Dhabi and its stable recurring income, along with its high-quality portfolio, Moody's Investors Service said.
Aldar Properties stated in August that its profits had declined during the second quarter and first half of 2018, logging AED 445.227 million.
