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FINANCIAL NEWS
Moody downgrades Aldar Properties’ to B2
20 Jul 2011
(MENAFN) Moody, the rating agency, said in a statement that it downgraded Abu Dhabi’s Aldar Properties’ credit ratings from Ba3 to B2, with outlook changed to negative after the company was rescued by Abu Dhabi with a USD 5.2 billion bailout this year, reported Reuters.
Moody added that Aldar Properties was no longer classifying the firm as a government-related issuer, hence downgrading the company’s USD1.25 billion bond due in the year 2014 and its USD1.02 billion sukuk due in 2013 rating to B1.
Moody stated that it doubts Aldar’s ability to meet debt obligations during 2011 and the first half of 2012, and that it is now studying the developers rating on a standalone basis. In addition, Moody said that from 2014 onwards the company’s rating would depend on generating its own operating cash flows from recurring rental revenues.
On the other hand, Aldar said that it is planning to sell USD1.49 billion worth of assets to Abu Dhabi’s government in order to meet its debt obligations.
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