Dubai: Moody’s Investors Service upgraded on Wednesday the issuer rating of Aldar Properties to Baa2 from Baa 3.
The credit rating agency also upgraded to Baa2 from Baa 3 the rating of the $750 million (Dh2.75 billion) senior unsecured trust certificates due in 2018 and issued by Sukuk Funding. The outlook on all ratings is stable.
Moody’s said the decision to upgrade Aldar’s ratings reflects the developer’s deleveraged balance sheet, improved earnings quality, and a view that Aldar can withstand “ongoing weakness in the Abu Dhabi real estate market.”
