Moody's: Aldar to positive

Moody's Investors Service said it changed the outlook to positive from negative on Aldar Properties PJSC.

The agency also said it affirmed the B2 corporate family and probability of default ratings, as well as B3 ratings for Aldar's $1.25 billion bond due in 2014 and issued by Atlantic Finance Ltd., as well as its 3.75 billion in dirham sukuk due in 2013 and issued by Sukuk Funding (No. 2) Ltd.

The asset-transaction agreements with the government of Abu Dhabi announced in December 2011 eliminate significant market and execution risk and will allow Aldar to reduce its debt load to an estimated 4.5 billion in dirham by 2015, Moody's said.

The positive outlook reflects the upward pressure on the ratings if Aldar continues to build a solid track record of recurring revenue while also maintaining the solid liquidity now in place to address medium-term maturities, the agency said.

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