Mubasher: Moody's Investors Service upgraded the rating of Emaar Properties' senior unsecured $2 billion trust certificate programme to (P)Baa3 from (P)Ba1.
The programme was established under Emaar Sukuk Limited, according to the rating agency’s report.
Moody's also upgraded the ratings on Emaar Sukuk Limited's two $500 million senior unsecured sukuk issued under the programme to Baa3 from Ba1.
The rating agency’s outlook on all ratings is stable, the report highlighted.
"We believe that Emaar's market leadership position and balance sheet strength – in combination with stable recurring revenues and a sizeable property sales backlog – will support the company's credit profile during the currently challenging market conditions,” according to Rehan Akbar, a Moody's assistant vice president – analyst.
Moody's withdrew Emaar's Ba1 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR).
