S&P downgrades Emaar

Standard & Poor's said it lowered the long-term issuer credit rating on Emaar Properties PJSC to BB from BB+ and removed the rating from CreditWatch with negative implications where it was placed on April 30, 2009.

The outlook is negative.

"The downgrade reflects our view of the continuing challenging real estate market conditions in Dubai and the reliance of Emaar's cash flows on the delivery of outstanding projects to completion," S&P analyst Paul Lund said in a statement.

The rating also reflects the group's business risk profile, the agency said.

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