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Moody's affirms Emaar Properties' ‘Baa3’ ratings, changes outlook to stable

Moody's affirms Emaar Properties' ‘Baa3’ ratings, changes outlook to stable
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Dubai – Mubasher: Moody's Investors Service (Moody's) has affirmed Emaar Properties’ long-term issuer rating at 'Baa3' and changed the outlook to stable from negative.

The credit rating agency also affirmed the 'Baa3' ratings of the three backed senior unsecured Sukuk due in 2026, 2029, and 2031 and the ‘Baa3’ rating of the backed senior unsecured MTN programme issued by Emaar Sukuk Limited, according to a press release on Tuesday.

Moody's pointed out that the outlook on all the ratings has been changed to stable from negative, which reflects Emaar's strong operating performance amid the improving macroeconomic outlook of Dubai.

The Vice President of Moody's, Lahlou Meksaoui, said: "The rating action is on the back of the strong financial performance that Emaar has been reporting over the past several quarters and is a reflection of the improved macro-economic prospects for the Emirate of Dubai as well as better operating conditions for the local real estate sector."  

It is worth noting that in the first quarter (Q1) of 2022, the listed company achieved net profits attributable to the owners worth AED 2.23 billion, an annual leap of 241% from AED 656.86 million.