Moody’s Investors upgrades UAE’s Emaar ratings to Ba3

18 Oct 2011

(MENAFN) Moody’s Investors Service said that due to better financial conditions for UAE’s Emaar Properties, the agency upgraded the Emirati firm’s rating from B1 to Ba3, reported Emirate 24/7.

The agency added that the new upgrade mirrored the company’s efforts to lessen the impact of a default risk; moreover, the agency also upgraded Emaar Sukuk’s rating to B1.

On the other hand, Moody’s said that in case Emaar wouldn’t meet its property pre-sales and sales targets, then ratings could be downgraded, since the firm’s gross margin, operating cash flow and balance sheet liquidity would be reduced.

It is worth noting that Emaar’s materially improved liquidity profile was one of the reasons for the new upgrade, according to Moody’s Investors Service.

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