Moody's stabilizes Emaar trend

Moody's Investors Service said it changed the outlook to stable from negative and affirmed Emaar Properties PJSC's long-term issuer rating. The agency also affirmed the Baa3 ratings on the three backed senior unsecured sukuks due in 2026, 2029 and 2031 and the (P)Baa3 rating on the backed senior unsecured medium-term note program issued by Emaar Sukuk Ltd.

"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" said Lahlou Meksaoui, a Moody’s vice president and senior analyst, in a press release.

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