Moody's lifts Aldar bond to B2

Moody's Investors Service said it upgraded Aldar Properties PJSC's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and the rating of the $1.25 billion bond (due in May 2014 and issued by Atlantic Finance Ltd.) to B2 from B3.

The ratings remain under review for further upgrade.

Moody's said the action reflects the improvement in Aldar's financial and liquidity profile due to (a) increase of recurring revenues to AED 471 million during 2012 from AED 280 million during 2011; (b) timely cash collections from the Abu Dhabi government; (3) lower development risk as the company has delivered a number of commercial projects; and (c) sale of property units and land to non-government third parties (43% increase compared to 2011) resulting in lower inventories and debt levels.

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