Moody’s Ratings has affirmed Emaar Properties’ long-term issuer rating at Baa1, while maintaining a stable outlook. The Baa1 rating is considered investment grade on Moody’s long-term rating scale.
Moody’s also affirmed the Baa1 rating on Emaar Sukuk Limited’s backed senior unsecured bonds, with both the ratings and outlook remaining unchanged.
The rating agency said Emaar’s credit profile is supported by its development revenue and cash flow visibility, stable earnings from its recurring-income portfolio, and strong credit metrics and liquidity.
Moody’s cited Emaar’s development revenue backlog of approximately AED 155 billion and recurring-income EBITDA of around AED 8 billion. The agency expects the company to maintain solid credit metrics and strong liquidity through 2027, supported by revenue visibility and its execution track record.
The assessment also takes into account risks including geopolitical uncertainty in the Middle East, concentration in Dubai, potential supply-chain disruptions and execution risks associated with the company’s recurring-income portfolio.
Emaar said the rating action does not change any financial information previously disclosed by the company and that it has not issued new financial guidance in connection with the rating.
Source: Emaar Properties
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
